The Ghana cedi has appreciated over the last two weeks, bolstered by the Bank of Ghana’s interventions in the foreign exchange market, which have contributed to market stabilization and enhanced liquidity.
This information comes from Databank Research, which links the cedi’s strengthening to seasonal foreign exchange inflows from commodity exports, record gold prices exceeding US$4,000 per ounce, and the central bank’s choice to increase the frequency of its FX auctions.
The USD/GHS interbank exchange rate concluded at GHS 12.17, down from GHS 12.40, while the euro and pound sterling were priced at GHS 16.25 and GHS 14.14, respectively, on Monday. In the retail sector, the cedi further appreciated — gaining 3.45%, 5.25%, and 4.67% against the dollar, pound, and euro, closing at GHS 13.05, GHS 17.15, and GHS 15.00.
Analysts indicate that the local currency is benefiting from increased inflows and heightened market confidence following Ghana’s successful fifth review with the IMF.
The Bank of Ghana is also anticipated to offer strong market support in October to maintain this positive trend.
Additionally, the World Bank’s Africa Pulse Report identifies the Ghana cedi as the best-performing currency in Africa for the first eight months of 2025, having appreciated by over 20 percent since January.
This performance is attributed to fiscal discipline, effective monetary policy, and renewed investor confidence following Ghana’s debt restructuring.
The central bank has also announced plans to inject approximately $1.15 billion into the forex market to address seasonal pressures. However, market analysts warn that maintaining these gains will rely on ongoing fiscal responsibility, export diversification, and structural reforms to ensure long-term stability.
