Currency News [October 20, 2025]

The Cedi extended its renewed rally into this week as it began the week posting bigger margins of increases compared to the movements observed last week against its three major trading partner currencies. The Cedi’s gains came across both the Bank of Ghana (BoG) inter-bank trading platform and the Open Forex Market (oanda.com), where the Cedi strengthened to build on earlier gains recorded against the Dollar, the Pound, and the Euro.

The Cedi’s rally comes as the local currency continues to benefit from favourable market and economic developments. The local unit’s turnaround was first sparked by an announcement by Ghana’s central bank that it would, in the month of October, begin forex intervention under the Domestic Gold Purchase Programme, with plans to sell up to USD 1.15 billion on a spot basis via twice-weekly and price-competitive auctions opened to all licensed universal banks. Also supporting the Cedi’s recovery was the successful review of Ghana’s Extended Credit Facility programme with the International Monetary Fund (IMF) after it was reported that Ghana had reached a staff-level agreement with the visiting IMF mission team. The Cedi’s outlook has also been boosted by an upgrade of Ghana’s sovereign rating by Moody’s, a development which is feeding into improving confidence in the domestic economy.

On the BoG inter-bank trading platform, the Cedi surged by 9.24%, 8.67%, and 8.56% to open the week, being exchanged for GHS 10.8054, GHS 14.4987, and GHS 12.5966 from last week’s opening trade quotes of GHS 11.9060, GHS 15.8754, and GHS 13.7759 against the Dollar, the Pound, and the Euro, respectively. The Dollar weakened against a set of currencies over rising concerns that the US central bank will follow last month’s interest rate cut with more monetary easing as data pointed to growth slowing in the US.

On the Open Forex Market (oanda.com), the Cedi soared by 10.82%, 10.28%, and 10.30% to trade at GHS 10.7684, GHS 14.4522, and GHS 12.5526 at this week’s start from last week’s opening trade values of GHS 12.0746, GHS 16.1077, and GHS 13.9941 against the Dollar, the Pound, and the Euro, respectively. The Cedi, together with some other currencies, strengthened against the Pound after British data showed a slowdown in wage growth for the three months to August, suggesting that the Bank of England may continue its gradual interest rate cut path.

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 10.8054, indicating a Year-to-Date (YTD) gain of 26.53% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 10.7684 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD gain of 26.81%.