Currency News [April 22, 2025]

The Ghanaian Cedi maintained its recent resilient performance against the American greenback as it opened the week stronger, recording its third week-on-week gain on the Bank of Ghana (BoG) inter-bank trading platform. The Dollar has, over the past few weeks, been battered against some of its trading pairs as the uncertainty surrounding President Trump’s trade policies has undermined confidence in the US economic growth and stability. The Cedi, however, came under pressure against the Pound and the Euro on both the BoG inter-bank trading platform and the Open Forex Market (oanda.com).

The Cedi’s performance this week comes after the Ghanaian government and the International Monetary Fund (IMF) reached a staff-level agreement on the fourth review of the sovereign’s USD 3.0 billion Extended Credit Facility (ECF) programme with the Fund. An approval by the IMF’s executive board of Ghana’s performance under the programme is expected to lead to the release of an amount of USD 370.0 million. Already, Ghana has chalked a major landmark under the programme, accumulating over USD 9.0 billion in Gross International Reserves (equivalent to four months of import cover). This development was projected to be reached by mid-2026. The disbursement from the IMF is anticipated to further boost Ghana’s forex reserves to help sustain the Cedi’s stability.

On the BoG inter-bank trading platform, the Cedi traded up by 0.61% against the Dollar, having been exchanged for GHS 15.4277 at the start of the week from last week’s opening trade value of GHS 15.5228. The Dollar suffered a hit against some of its peers as investors fretted over comments by the White House about the possibility of a shake-up of the Federal Reserve, casting doubts over the future independence of the US central bank. Against the Pound and the Euro, the Cedi weakened by 0.63% and 0.02% to trade at GHS 20.5898 and GHS 17.6419 from the previous week’s opening trade values of GHS 20.4605 and GHS 17.6384, respectively.

On the Open Forex Market, the Cedi plummeted by 0.13%, 1.83%, and 1.44% to trade at GHS 15.5546, GHS 20.8178, and GHS 17.9133 at the week’s start from last week’s opening trade quotes of GHS 15.5343, GHS 20.4435, and GHS 17.6597 against the Dollar, the Pound, and the Euro, respectively. The Euro gained against a basket of peers after the European Central Bank announced a 0.25% interest rate cut last week in an attempt to support a struggling economy that faces a hefty hit from US tariffs.

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 15.4277, indicating a Year-to-Date (YTD) depreciation of 4.90% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 15.5546 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD loss of 5.72%.