Currency News [July 14, 2025]

The Cedi opened the week mixed 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), in an apparent repetition of last week’s trend. The Dollar maintained its strong footing against the Cedi, extending its weekly gains for the fifth consecutive time. The Dollar’s strength this week was fueled by the market fleeing to safe havens following renewed threats of tariff imposition by the US on some of its economic trade partners.

The Cedi’s performance this week comes after Ghana last week took receipt of the fifth tranche of disbursement from the International Monetary Fund (IMF) under the sovereign’s ongoing Extended Credit Facility programme. The receipt of the USD 367.0 million from the IMF is expected to boost Ghana’s forex reserves and further improve the Cedi’s outlook, as a strong reserve position will further strengthen the hands of the central bank to support the local unit.

On the BoG inter-bank trading platform, the Cedi declined by 0.48% and 0.36% to trade at GHS 10.4052 and GHS 12.1676 at the start of the week from the previous week’s opening trade quotes of GHS 10.3552 and GHS 12.1244 against the Dollar and the Euro, respectively. Against the Pound, the Cedi traded up by 0.68%, having been offered for GHS 14.0012 at the start of the week from last week’s opening trade quote of GHS 14.0934. The Pound weakened against a basket of currencies, hurt by data released by the UK’s Office for National Statistics, which showed that Britain’s Gross Domestic Product fell by 0.1% in May on a month-on-month basis, adding to the previous month’s contraction of 0.3%, the biggest decline since October 2023.

On the Open Forex Market (oanda.com), the Cedi plummeted by 0.42% against the Dollar to trade at GHS 10.4438 at this week’s opening from last week’s opening trade value of GHS 10.4003. Against the Pound and the Euro, the Cedi soared by 0.72% and 0.11% to open the week at trade values of GHS 14.0607 and GHS 12.1960 from last week’s opening trade quotes of GHS 14.1629 and GHS 12.2096, respectively. The Euro fell against some of its trading pairs following US President Trump’s threat to impose 30% tariffs on imports from the European Union.

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 10.4052, indicating a Year-to-Date (YTD) gain of 29.25% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 10.4438 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD gain of 29.02%.