Currency News Report – Week 49 [December 8, 2025]

The Cedi this week failed to post a comeback 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) as it extended its weekly losses for the fifth consecutive time. The Dollar remained strong against the Cedi and other emerging market currencies despite facing some headwinds ahead of this week’s US Federal Reserve meeting, which the market has already priced in a 25-basis point cut in US interest rates, a move which is expected to keep the greenback subdued against other international peers.

The recent weakness in the local currency is primarily stemming from seasonal demand as importers and businesses seek forex for their year-end activities, as well as to meet the demands of the festive season. A moderated intervention from the central bank is also accounting for the growing pressures on the Cedi as demand surpasses supply. This is despite the central bank accumulating substantial forex reserves, which should enable it to support the Cedi in the face of an upsurge in forex demand. The latest monetary policy report revealed that Ghana’s Gross International Reserves stood at USD 11.41 billion in October, representing 4.8 months of import cover, compared to a position of USD 7.68 billion, representing 3.5 months of import cover, over the same period last year. This strong standing in reserves, together with the anticipated release of funds from the IMF, is expected to offer support to the Cedi going into the new year.

On the BoG inter-bank trading platform, the Cedi traded weaker, down by 1.06%, 1.59%, and 0.99% to open the week at trade values of GHS 11.4257, GHS 15.2133, and GHS 13.2798 from last week’s opening trade values of GHS 11.3057, GHS 14.9755, and GHS 13.1491 against the Dollar, the Pound, and the Euro, respectively. The Euro rose against the Cedi and some of its trading pairs, aided by the release of data showing that Germany’s industrial production rose significantly more than expected in October, signaling that the eurozone’s largest economy is slowly recovering.

On the Open Forex Market (oanda.com), the Cedi plunged by 0.81%, 1.55%, and 1.08% to trade at GHS 11.4285, GHS 15.2314, and GHS 13.3104 at the start of the week from last week’s opening trade quotes of GHS 11.3367, GHS 14.9982, and GHS 13.1677 against the Dollar, the Pound, and the Euro, respectively. The Pound saw demand against some of its trading pairs in the wake of the government’s annual tax and spending budget last week after investors’ assessment that the budget delivered a set of measures fairly close to market expectations, thus avoiding a disruptive outcome investors had earlier feared.

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 11.4257, indicating a Year-to-Date (YTD) gain of 22.31% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 11.4285 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD gain of 22.33%.