Currency News [April 7, 2025]

The Cedi began the week mixed against its three major international 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 at a time when the US has imposed tariffs on a number of its trading partner countries, including Ghana. Currencies, including the Cedi, have subsequently reacted differently to this development, with the Cedi showing an erratic movement against the greenback.

Ghanaian authorities have, since the announcement of the tariffs by the US, sworn to continue diplomatic engagement with the US to find common grounds that will favour both Ghana and the US. In a meeting between the US Ambassador to Ghana and officials from Ghana’s ministries of foreign affairs and trade, the Ambassador provided clarity, stating that these measures were aimed at reducing the US’s trade imbalances and were not specifically targeted at Ghana. The discussion further explored discovering potential trade exemptions for some of Ghana’s critical exports to the US, including cocoa and garments.

On the BoG inter-bank trading platform, the Cedi traded up by 0.06% and 1.96% against the Dollar and the Pound, having been exchanged for GHS 15.5278 and GHS 19.7746 at the week’s start from last week’s opening trade quotes of GHS 15.5378 and 20.1696, respectively. The Dollar recorded losses against some of its trading pairs following growing fears of a US recession, with markets already upping bets that the US Fed will cut interest rates in the first half of the year to offset the potential impact of the tariffs. Against the Euro, the Cedi lost by 0.35% to trade at GHS 16.9289 at the start of the week from last week’s opening trade quote of GHS 16.8698.

On the Open Forex Market (oanda.com), the Cedi traded down by 0.05% and 1.26%, having been exchanged for GHS 15.5168 and GHS 16.9958 at the start week from the previous week’s opening trade quotes of GHS 15.5095 and GHS 16.7844 against the Dollar and the Euro, respectively. Against the Pound, the Cedi surged by 0.86% to begin the week trading at GHS 19.8915 from the previous week’s opening trade value of GHS 20.0641. The Pound struggled against the Cedi and other peers due to what analysts call the high-risk status of the Pound and market expectations that the US tariffs could push the vulnerable UK economy into a significant downturn.

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 15.5168 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD loss of 5.46%.