Currency News [September 29, 2025]

The Cedi opened the week on the back foot as it fell across the board against its three major trading partner currencies on both the Bank of Ghana (BoG) inter-bank trading platform and the Open Forex Market (oanda.com). The local unit’s recent trajectory suggests it is poised to slash its record high attained in early June, when it posted a year-to-date (YTD) gain of more than 30.0% against the greenback. The local currency has, in recent times, seen a crawl back, mainly stemming from rising forex demand from importers and businesses, a decline in remittance inflows, and a pushback by the central bank, which has been very active in its intervention in the domestic forex market, among a host of others.

The Cedi’s performance comes ahead of the start of the fifth review of Ghana’s USD 3.0 billion Extended Credit Facility programme with the International Monetary Fund (IMF). At the opening session earlier this week, Ghana’s finance minister recounted the nation’s 2025 economic journey, highlighting that despite beginning the year with significant fiscal and structural challenges, decisive policy measures and collective action have helped to stabilize the economy and deliver measurable results. Notwithstanding the ongoing demand-induced upside risks to the local currency, the Cedi is expected to benefit from positive expectations around the review of the IMF-assisted programme, the conclusion of which is expected to lead to the release of USD 360.0 million into Ghana’s coffers.

On the BoG inter-bank trading platform, the Cedi suffered a hit, down by 0.90%, 0.22%, and 0.36% to open the week at trade values of GHS 12.4165, GHS 16.6791, and GHS 14.5669 from last week’s opening trade quotes of GHS 12.3062, GHS 16.6428, and GHS 14.5149 against the Dollar, the Pound, and the Euro, respectively. Despite the Dollar losing against some of its peers on the back of the rising prospect of a federal government shutdown, it maintained its strong footing against a basket of weaker currencies, aided by positive revisions to US growth data.

On the Open Forex Market (oanda.com), the Cedi tumbled by 0.83%, 0.38%, and 0.47% to trade at GHS 12.4118, GHS 16.6745, and GHS 14.5555 at the week’s opening from the previous week’s opening trade values of GHS 12.3098, GHS 16.6117, and GHS 14.4874 against the Dollar, the Pound, and the Euro, respectively. The Pound recovered from its recent loss suffered against the Cedi, as it rose against a basket of currencies, propelled by data which confirmed that the UK economy grew 0.3% in the second quarter of 2025, an improvement over the numbers recorded over the same period last year.

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 12.4165, indicating a Year-to-Date (YTD) gain of 15.58% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 12.4118 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD gain of 15.64%.