Currency News [April 14, 2025]

The Ghanaian Cedi stood firm against the Dollar at this week’s opening on the Bank of Ghana’s (BoG) inter-bank trading platform, where it maintained its footing to add onto gains recorded last week against the greenback. On the Open Forex Market (oanda.com), the Cedi struggled against its three major trading partner currencies as it recorded losses against the Dollar, the Pound, and the Euro at the start of the week.

The Cedi’s performance comes following the conclusion of the biannual review of Ghana’s three-year Extended Credit Facility programme with the International Monetary Fund (IMF). The two-week meeting concluded with Ghana and the Fund reaching a staff-level agreement which, when finally approved by the Fund’s Executive Board, should lead to the disbursement of USD 370.0 million to support the national budget as well as to shore up the country’s forex reserves. Although the IMF mission team to Ghana noted that some key programme targets were missed, growth in 2024 came in higher than anticipated, underpinned by strong mining and construction activity. It is expected that the release of the funds will help to sustain the Cedi’s recent stability.

On the BoG inter-bank trading platform, the Cedi rose against the Dollar, up by 0.03% to trade at GHS 15.5228 at the start of the week from last week’s opening trade quote of GHS 15.5278. The Dollar suffered a shock against a host of currencies as the ongoing uncertainties surrounding the Trump administration’s trade policies shook investor confidence in the world’s reserve currency. Against the Pound and the Euro, the Cedi plunged by 3.47% and 4.19% to open the week at trade values of GHS 20.4605 and GHS 17.6384 from last week’s opening trade quotes of GHS 19.7746 and GHS 16.9289, respectively.

On the Open Forex Market (oanda.com), the Cedi plummeted by 0.11%, 2.78%, and 3.91%, having opened the week trading at GHS 15.5343, GHS 20.4435, and GHS 17.6597 from last week’s opening trade quotes of GHS 15.5168, GHS 19.8915, and GHS 16.9958 against the Dollar, the Pound, and the Euro, respectively. The Pound recovered from its losses against the Cedi last week, boosted by data that showed the UK’s economy grew at a faster rate than expected in February.

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 15.5228, indicating a Year-to-Date (YTD) depreciation of 5.54% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 15.5343 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD loss of 5.58%.