Currency News [July 21, 2025]

Ahead of the presentation of the mid-year budget review to Ghana’s parliament later in the week, the Cedi came under renewed pressure at the week’s start, as it nursed losses against its three major trading partner currencies on both the Bank of Ghana (BoG) inter-bank trading platform and the Open Forex Market (oanda.com). It is expected that the mid-year budget review will be geared towards consolidating economic gains made in the first half of the year, whilst attempting to strengthen revenue mobilization, efficient government spending, and a review of some of the tax handles.

The Cedi’s performance this week comes after an emergency monetary policy committee meeting last Friday, where the committee’s findings signaled major positive developments in some key macroeconomic variables. In particular, the committee observed a significant reduction in the headline inflation readings, whilst the real sector’s performance remained strong, with real GDP growth reaching 5.3% in the first three months of the year. A significant improvement was also observed in the external sector, as provisional data showed Ghana recording trade and current account surpluses. Accordingly, Ghana’s Gross International Reserves also saw improvement, topping USD 11.1 billion at the close of June compared with a position of USD 8.98 billion over the same period last year.

On the BoG inter-bank trading platform, the Cedi slipped by 0.48%, 0.82%, and 0.62% to open the week trading at GHS 10.4552, GHS 14.1166, and GHS 12.2434 from last week’s opening trade quotes of GHS 10.4052, GHS 14.0012, and GHS 12.1676 against the Dollar, the Pound, and the Euro, respectively. The Dollar continued to be in demand, helped this week by the release of data pointing to a resilient US economy, which further suggested that the US Fed could delay rate cuts further than earlier anticipated.

On the Open Forex Market (oanda.com), the Cedi weakened by 0.13%, 0.12%, and 0.01% to trade at GHS 10.4577, GHS 14.0775, and GHS 12.1965 at the week’s opening from the previous week’s opening trade quotes of GHS 10.4438, GHS 14.0607, and GHS 12.1960 against the Dollar, the Pound, and the Euro, respectively. The Euro rose against a number of its trading pairs, following the final release of inflation data for the Eurozone, which confirmed that consumer prices rose 2.0% in June on an annual basis in line with the European Central Bank’s target, with the development expected to slow down the pace of any future rate cuts.

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 10.4552, indicating a Year-to-Date (YTD) gain of 28.91% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 10.4577 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD gain of 28.92%.