Currency News [March 24, 2025]

The Cedi came in strong at this week’s opening as it pared some of its recent losses against its three major trading partner currencies. On the Bank of Ghana (BoG) inter-bank trading platform, the local unit pulled a crucial comeback as it gained across the board against its three major trading partner currencies. On the Open Forex Market (oanda.com), the Cedi gained traction against the Pound and the Euro but lost its footing against the Dollar.

The Cedi’s performance this week comes ahead of the next review of Ghana’s Post-Covid Programme for Economic Growth (PC-PEG) with the International Monetary Fund (IMF) where a successful review and a subsequent approval of the review by the IMF board will lead to the disbursement of the next tranche of USD 360.0 million from the Fund. The Cedi’s performance also comes amidst suppressed demand for forex after the central bank intervened in the forex market to inject a little over USD 130.0 million to boost the Cedi’s stability. The recent slump in Treasury yields is, however, expected to curb any gains the Cedi is likely to make in the near-term.

On the BoG inter-bank trading platform, the Cedi appreciated by 0.13%, 0.66%, and 1.20% to trade at GHS 15.5278, GHS 20.0557, and GHS 16.7703 at the week’s start from last week’s opening trade quotes of GHS 15.5478, GHS 20.1888, and GHS 16.9739 against the Dollar, the Pound, and the Euro respectively. The Dollar weakened against a basket of trading pairs, hurt by worries that President Trump’s trade policies could hit economic activities, as well as trigger fresh inflationary pressures.

On the Open Forex Market (oanda.com), the Cedi lost by 0.13% against the Dollar, having been exchanged for GHS 15.5495 at the beginning of the week from last week’s opening trade value of GHS 15.5292. Against the Pound and the Euro, the Cedi surged by 0.13% and 0.62% to trade at GHS 20.1073 and GHS 16.8242 at the start of the week from last week’s opening trade quotes of GHS 20.1333 and GHS 16.9291, respectively. The Euro suffered a hit against some of its trading pairs after the European Central Bank president cautioned that the eurozone economy would take a large hit from a full-scale trade war with the US, which could also drive inflation upwards.

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 15.5278, indicating a Year-to-Date (YTD) depreciation of 5.58% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 15.5495 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD loss of 5.68%.