The local currency strengthened over the past two weeks, with the Bank of Ghana’s foreign exchange actions providing support that spilled over into other markets.
The US dollar Ghana cedi interbank rate closed at GH¢12.17, up 1.93% from GH¢12.40, while the euro and pound sterling closed at GH¢16.25 (+2.32%) and GH¢14.14 (+2.55%) respectively.
The retail market rates also showed broader gains, with the cedi appreciating 3.45%, 5.25% and 4.67% against the US dollar, British pound and euro, settling at GH¢13.05, GH¢17.15 and GH¢15.00, respectively.
“Our earlier expectations of a stronger cedi, driven by seasonal foreign exchange inflows from commodity exports and sustained market support, have largely materialized”, Databank Research intimated.
This was further reinforced by gold prices skyrocketing beyond the US$4,000 per ounce mark, cementing robust windfalls.
But most importantly, it said, the central bank’s plan to double the frequency of its foreign exchange interventions through open auctions with licensed banks enhanced market flexibility. The move likely anchored expectations, with bid–ask spreads narrowing noticeably.
“Considering recent success with the International Monetary Fund 5th review mission and proposed plans to meet demand strongly in October 2025, our optimism remains firmly reinforced for the coming weeks, with the US dollar/Ghana cedi pair bouncing back to GH¢11.50 levels in the interbank market and GH¢12.75 levels in the retail market”.
Meanwhile, the local unit opened the week going for GH¢13.30 to one American greenback at the forex bureaus. Its year-to-date gain stood at 18.97%.
On the other hand, the Bank of Ghana quoted one dollar to GH¢11.90 at the interbank market.
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