Currency News – Week 45 [November 10, 2025]

The Ghanaian Cedi began the week showing signs of losing its recent luster as it fell across the board against its three major trading partner currencies on both the Bank of Ghana (BoG) inter-bank trading platform and the Open Forex Market (oanda.com). The Cedi’s performance comes as the government readies to present next year’s budget statement to Ghana’s parliament later in the week, where the market will be on the lookout for policies the government will implement to sustain the local currency’s stability.

The Cedi, after posting a strong comeback in October, has begun to shed some of its recent gains as demand for forex by importers and businesses surged ahead of the festive season. Rising demand for forex weighed heavily on the local unit, surpassing optimism that greeted an upgrade of Ghana’s sovereign ratings by S&P Global Ratings last week. The rating agency raised its long- and short-term foreign and local currency sovereign credit ratings on Ghana to ‘B-/B’ from ‘CCC+/C’, with a stable outlook. It also revised up their transfer and convertibility assessment on Ghana to ‘B-‘ from ‘CCC+’. The upgrade, according to S&P, reflected Ghana’s gradual strengthening of its balance of payment and fiscal positions, which have been supported by resilient growth of the domestic economy as well as favourable terms of trade on the country’s major exports.

On the BoG inter-bank trading platform, the Cedi traded down by 0.18%, 0.35%, and 0.55% to open the week at trade values of GHS 10.9255, GHS 14.3790, and GHS 12.6320 from last week’s opening trade quotes of GHS 10.9055, GHS 14.3287, and GHS 12.5624 against the Dollar, the Pound, and the Euro, respectively. The Dollar rose against some of its trading pairs, buoyed by growing bets that the US Fed will not cut interest rates in December, especially after the Fed chair warned that a reduction in December was not a given.

On the Open Forex Market (oanda.com), the Cedi plunged by 0.11%, 0.33%, and 0.43% to open the week trading at GHS 10.9453, GHS 14.4107, and GHS 12.6545 from last week’s opening trade quotes of GHS 10.9331, GHS 14.3637, and GHS 12.6001 against the Dollar, the Pound, and the Euro, respectively. The Euro gained against a basket of currencies, showing some strength after European Central Bank’s (ECB) vice president said in an interview that the ECB’s interest rates are at the appropriate level barring changes in the economic situation, giving a hint that further rate cuts were unlikely in the near term.

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 10.9255, indicating a Year-to-Date (YTD) gain of 25.71% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 10.9453 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD gain of 25.61%.