Currency News [June 23, 2025]

The Cedi opened the week showing signs of attempting to hang on to its recent strong performances as it recorded gains against the Pound and the Euro on both the Bank of Ghana (BoG) inter-bank trading platform and the Open Forex Market (oanda.com). Last week, the Cedi fell against its three major trading partner currencies as the market fled riskier currencies and assets following renewed tensions in the Middle East. Against the Dollar, the Cedi remained unchanged on the BoG inter-bank trading platform and registered a loss on the Open Forex Market (oanda.com).

The local unit’s performance comes as the market asserts that the recent upgrades of Ghana’s sovereign ratings, formerly by S&P and earlier this month by Fitch, will further boost investors’ sentiment in the domestic economy. The Cedi’s firm stance is also coming on the back of Ghana inching closer to unlocking a USD 370.0 million disbursement from the International Monetary Fund (IMF), with the IMF’s board expected to meet in July to approve the review of Ghana’s performance under the Extended Credit Facility programme. The release of this fund will shore up the forex reserves to sustain the cedi’s gains.

On the BoG inter-bank trading platform, the Cedi maintained its trading level at GHS 10.3052 throughout last week to the beginning of this week. Against the Pound and the Euro, the Cedi traded up by 0.68% and 0.38%, having been exchanged for GHS 13.9099 and GHS 11.8898 at the start of the week from the previous week’s opening trade quotes of GHS 14.0047 and GHS 11.9351, respectively. The Euro fell against a basket of trading pairs after data last week showed Eurozone inflation slowed to an annual 1.9% in April, whilst producer prices also fell in the bloc’s biggest economy, suggesting underlying inflationary pressures in the Eurozone remain weak.

On the Open Forex Market (onada.com), the Cedi lost by 0.23% to build on last week’s losses, having traded at GHS 10.3379 at the start of the week from last week’s opening trade quote of GHS 10.3141 against the Dollar. The Cedi, however, gained moamentum as it recovered 0.67% and 0.17% of last week’s losses to trade at GHS 13.9112 and GHS 11.9099 at the start of the week from last week’s opening trade figures of GHS 14.0053 and GHS 11.9300 against the Pound and the Euro, respectively. The Pound struggled against some of its trading pairs after the release of disappointing retail sales data, which showed the sharpest drop since December 2023.

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 10.3052, indicating a Year-to-Date (YTD) gain of 29.93% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 10.3379 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD gain of 29.74%.