Currency News [June 9, 2025]

After several weeks of undergoing an intense rollercoaster ride against its three major trading partner currencies, the Cedi at the start of this week exhibited some bit of restraint in what appears to be the end of the Cedi’s galloping run. The Cedi’s luster dimmed as it opened the week mixed 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 is coming on the back of a mixed bag of both international and domestic developments. On the international front, the Dollar showed some resilience against some of its trading pairs for the first time in a long while following efforts by the US government to de-escalate trade tensions between the US and China, as well as strong US jobs reports after a series of bleak economic data. On the domestic front, elevated demand pressures as firms sought to take advantage of the Cedi’s rally to accumulate forex for inventory restocking, as well as to meet financial obligations to offshore investors, helped to renew pressures on the local unit. However, the much-anticipated disbursement of USD 370 million from the IMF is expected to further boost Ghana’s forex position and help sustain the local unit’s stability.

On the BoG inter-bank trading platform, the Cedi remained unchanged against the Dollar, trading at GHS 10.2551 at the start of the week. Against the Pound, the Cedi weakened by 0.02% to trade at GHS 13.9029 at the start of the week from the previous week’s opening trade quote of GHS 13.8998. The Cedi, however, maintained its momentum against the Euro as it edged up by 0.17% to open the week trading at GHS 11.7087 from last week’s opening trade figure of GHS 11.7288. The Euro was hurt by last week’s European Central Bank’s (ECB) rate cut decision.

On the Open Forex Market (oanda.com), the Cedi was nudged up narrowly by 0.07% and 0.02% against the Dollar and the Euro, having been exchanged for GHS 10.2695 and GHS 11.7269 at the week’s opening from last week’s opening trade quotes of GHS 10.2767 and GHS 11.7291, respectively. Against the Pound, the Cedi plunged by 0.14% to trade at GHS 13.9216 at the week’s opening from last week’s opening trade quote of GHS 13.9026. The Pound rose against the Cedi despite struggling against other major trading pairs after the UK’s labour market data showed a continued rise in unemployment, adding to signs of a cooling jobs market.

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 10.2551, indicating a Year-to-Date (YTD) gain of 30.27% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 10.2695 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD gain of 30.20%.