Cedi Extends Gains Bank Of Ghana Continues Market Interventions; $1 Trading At GH¢13.30
- The cedi strengthened over the past two weeks, with the Bank of Ghana’s foreign exchange interventions
- The US dollar Ghana cedi interbank rate closed at GH¢12.17, up 1.93% from GH¢12.40
- Cedi rates on the retail market also strengthened 3.45%, 5.25% and 4.67% against the US dollar, British pound and euro
The cedi has been rebounding over the last two weeks after a 2025 third quarter that saw it record the worst performance in the world.
This rebound is on the back of the Bank of Ghana’s foreign exchange interventions.
Source: Getty Images
Joy News reported that the US dollar Ghana cedi interbank rate is now trading below GH¢12.17, up 1.93% from GH¢12.40.
Bank of Ghana quoted one dollar to GH¢11.90 at the interbank market.
The euro and pound sterling closed at GH¢16.25 and GH¢14.14, respectively.
The retail market rates saw bigger gains with the cedi appreciating 3.45%, 5.25% and 4.67% against the US dollar, British pound and euro.
The rate settled at GH¢13.05, GH¢17.15 and GH¢15.00, respectively.
Databank Research noted that earlier expectations of a stronger cedi, driven by seasonal foreign exchange inflows from commodity exports and sustained market support, have come to pass.
The strengthening comes as gold prices skyrocket beyond the US$4,000 per ounce mark.
Databank Research also noted that the Bank of Ghana's plan to double the frequency of its foreign exchange interventions through open auctions with licensed banks enhanced market flexibility.
It expects the cedi to trade at GH¢11.50 to the dollar in the interbank market and GH¢12.75 on the retail market.
Forex analyst says volatility to continue
In comments to YEN.com.gh, Samuel Asiamah, a forex analyst, noted that some moderate volatility in the forex market will continue.
Asiamah noted that this is because Ghana’s exchange rate now operates in a managed float system.
"The Bank of Ghana steps in only to smooth extremes, not to fix a stable rate."
"Dollar inflows are seasonal. Cocoa and IMF disbursements boost the cedi briefly, but import payments and debt servicing drain reserves later."
Source: YEN.com.gh
