The Ghana Cedi started the week on a losing streak despite a massive gain in April 2025.
The local unit sold at GH¢14.60 to one American greenback in the retail market.
It, however, went for GH¢13.65 to one US dollar in the interbank market.
The local unit is currently among the top-performing currencies in Africa this year, recording over 7% appreciation since January 1, 2025. The CFA, used by Francophone West African countries is the best performing currency in Africa so far this year
All things being equal, the local unit would remain stable in May 2024.
Databank Research believes the recent agreement by Goldbod with nine mining companies to purchase 20% of their monthly estimated gold production of 200 kilogrammes before export is playing a role in preserving the Cedi’s performance.
The deal allows the government to pay in cedi equivalent to the mining companies, other than in US dollar.
“We believe this is a positive move to help shore up Ghana’s gold reserve and help strengthen the Ghana Cedi in May 2025. Additionally, we expect the central bank’s targeted intervention to help stabilise the unit. As such, we expect the Ghana Cedi to remain strong this week”.
The Bank of Ghana in April 2025, injected US$490 million into the forex market to ease demand pressures.
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