Currency News [April 28, 2025]

As the month of April wraps up, the Cedi posted an impressive recovery against some of its trading partner currencies in what appears to be the local currency capitalizing on weaknesses seen in major international currencies, with the uncertain global trade situation still firmly in focus. The local unit came in stronger at the week’s start, posting significant margins of increase against the Dollar, the Pound, and the Euro on both the Bank of Ghana (BoG) inter-bank trading platform and the Open Forex Market (oanda.com).

The Cedi’s performance similarly comes on the back of some positive local developments as Ghana reached a staff-level agreement with the International Monetary Fund following a successful review of the Sovereign’s performance under the ongoing Extended Credit Facility programme with the Fund. The Cedi’s performance has also been supported by a revelation from the central bank showing that Ghana’s gold reserves had undergone a notable increase from 8.78 tonnes in mid-2023 to 31.01 tonnes at the close of the first quarter of this year. This, coupled with dwindling demand for forex amid increased intervention in the local currency market, helped to boost forex liquidity, thus boosting the Cedi’s momentum.

On the BoG inter-bank trading platform, the Cedi soared by 6.74%, 6.30%, and 7.03% to open the week trading at GHS 14.3872, GHS 19.2918, and GHS 16.4018 from last week’s opening trade quotes of GHS 15.4277, GHS 20.5898, and GHS 17.6419 against the Dollar, the Pound, and the Euro, respectively. The Dollar’s blue persisted into the start of this week as US policy uncertainty, especially surrounding the Federal Reserve and tariffs, weakened the greenback and further increased investor risk aversion.

On the Open Forex Market (oanda.com), the Cedi surged by 5.54%, 5.70%, and 6.68%, having been exchanged for GHS 14.6923, GHS 19.6313, and GHS 16.7165 at the start of the week from last week’s opening trade quotes of GHS 15.5546, GHS 20.8178, and GHS 17.9133 against the Dollar, the Pound, and the Euro, respectively. The Euro fell against a basket of currencies, hurt by comments from a European Central Bank (ECB) official who played up the chance of an interest rate cut in June as the ECB’s new forecasts are likely to point to inflation falling too far.

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 14.3872, indicating a Year-to-Date (YTD) appreciation of 2.18% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 14.6923 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD gain of 0.14%.