Currency News [March 3, 2025]

The Cedi’s struggles continued this week as the local unit opened the week nursing losses across the board against its three major trading partner currencies on the Bank of Ghana (BoG) inter-bank trading platform. On the Open Forex Market (oanda.com), however, the Cedi posted a mixed result as it firmed up against the Dollar and Euro to recover some of its recent losses but failed to plough back some of its earlier losses against the Pound.

The Cedi’s performance at the start of the week comes amidst some central bank interventions on the domestic currency market as the bank rallies to tame the seeming upsurge in the demand for forex. Among these interventions is the auction of USD 20.0 million on the currency forward market and a further sale of nearly USD 100.0 million on the spot market. Although these interventions are aimed at meeting the rising demand for forex, stockpiling of forex by businesses in anticipation of payments of dividends to offshore investors, coupled with the sharp decline in Treasury yields, is expected to derail efforts to sustain the local currency’s fluctuations.

On the Bank of Ghana (BoG) inter-bank trading platform, the Cedi tumbled by 0.19%, 0.77%, and 0.45% to trade at GHS 15.5378, GHS 19.7454, and GHS 16.3104 at this week’s start from last week’s opening trade quotes of GHS 15.5078, GHS 19.5940, and GHS 16.2377 against the Dollar, the Pound and the Euro respectively. The Euro gained against a basket of trading pairs after European leaders took the lead in pushing for a peace deal between Ukraine and Russia.

On the Open Forex Market, the Cedi traded up by 0.04% and 0.36% to open the week being exchanged for GHS 15.5239 and GHS 16.2257 from last week’s opening trade quotes of GHS 15.5302 and GHS 16.2839 against the Dollar and the Euro respectively. The Dollar retreated against a host of peers after the US Commerce Secretary suggested tariffs on neighbouring Canada and Mexico, which is set to take effect this week, may not be the full 25%. Against the Pound, the Cedi traded down by 0.02% to begin the week at a trade value of GHS 19.6461 from last week’s opening trade value of GHS 19.6426.

The Cedi was quoted at GHC 14.7074 on the first trading day of the year against the Dollar and is currently being sold at GHS 15.5378 indicating a Year-to-Date (YTD) depreciation of 5.65% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 15.5239 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134 indicating a YTD loss of 5.51%.