Currency News [August 11, 2025]

As some riskier and emerging market currencies suffered a headwind following the coming into force of the US’s broad-based tariffs against most of its trading partners, the Cedi fell 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). US President Trump’s trade tariffs took effect last week, with most economies, including Ghana, facing between 10.0% to 50.0% levies on their exports to the US. Some analysts have expressed concerns about the effect of the trade tariffs on the entire world economy at a time when some fragile economies are on recovery paths.

Some of the Cedi’s renewed struggles have also been explained to be as a result of behavioural response to the Cedi’s intense rally in the second quarter of the year among people in the diaspora. The governor of Ghana’s central bank, speaking in Accra last week, revealed that the appreciation of the local currency has inadvertently led to a near 50.0% cut in remittance inflows, as Ghanaians in the diaspora are reported to have stalled or reduced their remittances into Ghana. This notwithstanding, the Cedi is expected to remain stable as worries over the impact of the tariffs on the world economy are anticipated to drive gold prices higher.

On the BoG inter-bank trading platform, the Cedi lost by 0.86%, 1.87%, and 1.19% to open the week trading at GHS 10.6053, GHS 14.2259, and GHS 12.3062 from last week’s opening trade quotes of GHS 10.5153, GHS 13.9653, and GHS 12.1617 against the Dollar, the Pound, and the Euro, respectively. The Pound rose against some of its trading pairs, helped by more than expected Bank of England (BoE) policymakers voting to keep rates on hold, signaling that the BoE’s run of rate cuts might be drawing to an end soon.

On the Open Forex Market (oanda.com), the traded down by 0.55%, 1.72%, and 1.09% to trade at GHS 10.5621, GHS 14.1974, and GHS 12.2885 at the week’s opening from last week’s opening trade quotes of GHS 10.5047, GHS 13.9574, and GHS 12.1565 against the Dollar, the Pound, and the Euro, respectively. The Euro gained against a basket of currencies, boosted by optimism that the talks between the Russian and the US presidents this week will form the basis for a truce in the Ukraine conflict.

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 10.6053, indicating a Year-to-Date (YTD) gain of 27.89% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 10.5621 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD gain of 28.21%.