Currency News [March 10, 2025]

Ahead of the presentation of the 2025 budget statement to Ghana’s parliament later this week, where market watchers will be on the lookout for policies the government intends to implement to sustain the Cedi, the local currency began the week posting losses against its three major trading partner currencies. The attention of market players and currency analysts will be to monitor the posture of the government towards the local currency which has over the first two months of the year lost over 5.0% of its value 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).

An absence of any well-defined strategies and policies to sustain the Cedi is likely to spell doom for the struggling local unit as the Cedi is expected to remain troubled until such a time when Ghana receives the next tranche of USD 360.0 from the International Monetary Fund under the ongoing Extended Credit Facility programme. Presently, the Cedi’s struggle is stemming from demand pressures from importers and businesses as they prepare to make dividend payments to offshore investors as well as repatriation of interest proceeds from the DDEP bonds.

On the Bank of Ghana (BoG) inter-bank trading platform, the Cedi traded down by 0.06%, 1.56%, and 3.29%, haven been exchanged for GHS 15.5478, GHS 20.0535, and GHS 16.8474 against the Dollar, the Pound and the Euro at this week’s opening from last week’s opening trade values of GHS 15.5378, GHS 19.7454, and GHS 16.3104 respectively. The Euro extended its earlier gains against some of its trading pairs following a decision by the bloc’s biggest economy, Germany, to loosen its fiscal rules, while unleashing a EUR 500.0 billion infrastructure fund, a move which is widely speculated to drive growth.

On the Open Forex Market (oanda.com), the Cedi plunged by 0.11%, 2.08%, and 3.82% to trade at GHS 15.5403, GHS 20.0552, and GHS 16.8451 at this week’s opening from last week’s opening trade quotes of GHS 15.5239, GHS 19.6461 and GHS 16.2257 against the Dollar, the Pound, and the Euro respectively. The Dollar gained against a basket of currencies, recovering from some of its recent slide amid uncertainty over President Trump’s trade policies and its potential impact on the US economy.

 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 15.5478 indicating a Year-to-Date (YTD) depreciation of 5.71% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 15.5403 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134 indicating a YTD loss of 5.62%.