Weekly Currency News Report – Week 15 [April 13, 2025]

The Ghanaian Cedi alongside other emerging and riskier currencies continued to suffer the weight of the ongoing geopolitical crisis in the Middle East as the local unit opened the week, nursing losses 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. In a joint statement issued the World Bank (WB) and the International Monetary Fund (IMF) on the sidelines of the WB/IMF Spring Meetings, warned that the ongoing war in the Middle East could led to higher oil, gas and fertiliser prices, triggering concerns about food security and job losses as well in most African and low-income economies.

The Cedi’s performance this week comes in the midst of some positive developments which could have ordinarily boosted the local currency’s appeal. Last week, credit ratings agency, Moody’s, revised Ghana’s outlook to “positive” from “stable” whilst maintaining Ghana’s long-term rating at “Caa”. This announcement was expected to paint a strong signal of improving macroeconomic conditions and further boost investor confidence in the domestic economy. Also expected to boost the Cedi’s appeal was the release of data which should that Ghana recorded a strong trade surplus in the fourth quarter of 2025, with the trade surplus rising sharply from USD 1.5 billion in quarter three to USD 4.2 billion to close the year, on the back of a pick-up in the prices of some Ghana’s key exports. The Cedi, however, was largely unresponsive to these developments as investors continued to take solace in safe-haven assets and currencies.

On the BoG inter-bank trading platform, the Cedi was plunged by 0.23%, 1.85%, and 1.48% to trade at GHS 11.0405, GHS 14.8661, and GHS 12.9315 on the first trading day of the week from last week’s opening trade quotes of GHS 11.0155, GHS 14.5955, and GHS 12.7427 against the Dollar, the Pound, and the Euro, respectively. The Dollar strengthened to the highest level in a week in a broad rally against most of its peers at the start of this week as peace talks between the US and Iran broke down and the US Navy prepared a blockade of Iranian ports.

On the Open Forex Market (oanda.com), the Cedi plummeted by 0.15%, 1.79%, and 1.63%, to trade at GHS 11.0412, GHS 14.8485, and GHS 12.9310 at the start of the week from last week’s opening trade quotes of GHS 11.0251, GHS 14.58478, GHS 12.7232 against the Dollar, the Pound, and the Euro. The Pound held onto its impressively recovery against a host of weaker currencies following the announcement in a ceasefire in the Middle East, although the ceasefire failed to materialize.

The Cedi was quoted at GHC 10.5053 on the first trading day of the year against the Dollar and is currently trading at GHS 11.0405, indicating a Year-to-Date (YTD) depreciation of 5.09% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.0412 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 4.90%.