Currency News [January 6, 2025]

The Cedi began the first trading week of the new year on a positive note on the Bank of Ghana (BoG) inter-bank trading platform where the local unit gained across the board against the Dollar, the Pound, and the Euro. However, on the Open Forex Market (oanda.com), the Cedi was mixed against its three major trading partner currencies, recording losses against the Dollar but showing resilience against the Pound and the Euro.

The local currency looks set to maintain a firm footing against its trading pairs as Ghana, under the ongoing International Monetary Fund programme, is expected to remain on its recovery trajectory with international rating agencies expected to upgrade the sovereign’s credit ratings. A strong recovery in the later sections of last year helped the Cedi to end the year with a year-to-date (YTD) depreciation of 23.71% against the Dollar from a 2024 YTD lowest point of 38.18%.

On the BoG inter-bank trading platform, the Cedi surged by 0.07%, 0.18%, and 0.14% to begin the week selling at GHS 14.7074, GHS 18.3915, and GHS 15.2678 from last week’s opening trade quotes of GHS 14.7174, GHS 18.4247, and GHS 15.2889 against the Dollar, the Pound, and the Euro respectively. The Euro fell against a basket of currencies as traders expect substantial rate cuts from the European Central Bank in 2025 with the markets already pricing in at least one percentage point of easing.

On the Open Forex Market (oando.com), the Cedi plummeted by 0.08% against the Dollar to trade at GHS 14.7274 at the week’s start from last week’s opening trade quote of GHS 14.7159. The Dollar gained as US economic data showed a generally stable jobs market and a still robust services sector suggested that the US Fed will likely slow the pace of its current rate-easing cycle. Against the Pound and the Euro, the Cedi soared by 0.57% and 0.47% to open the week at trade values of GHS 18.3890 and GHS 15.2586 from last week’s opening trade figures of GHS 18.4938 and GHS 15.3299 respectively.

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 14.7074 indicating a YTD performance of 0.0% on the BoG inter-bank trading platform. It is also being quoted at GHS 14.7274 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134 indicating a YTD loss of 0.10%.