Weekly Currency News Report – Week 13 [March 30, 2025]

As Ghana prepares to reopen its domestic bond market following the expiration of restrictions under the Domestic Debt Exchange Programme (DDEP), the Cedi opened the week mixed 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 government, after earlier signalling its intention to return to the bond market, is expected to commence processes this week to formally launch a seven-year Cedi-denominated bond, which will be opened to both local and offshore investors. The government asserts that the reopening of the market is aimed at rebuilding the sovereign yield curve, expanding investment opportunities, and restoring confidence among both retail and institutional investors.

The Cedi is anticipated to benefit from offshore investors’ participation in the paper, although there are some concerns that the pricing is unlikely to be attractive following the material drop in rates as the economy recovers strongly. These fears are, however, expected to be calmed as Ghana continues to record improvement in its external buffers. At the conclusion of the March sitting of the central bank’s Monetary Policy Committee, a release from the BoG revealed that Ghana’s trade surplus topped USD 3.7 billion in the first two months of the year, compared to USD 2.1 billion over the same period last year, driven by higher gold exports and modest import growth. Ghana’s gross international reserves had also improved to USD 14.5 billion, equivalent to 5.8 months of import cover as at end-February 2026, up from USD 13.8 billion as at the close of last year.

On the BoG inter-bank trading platform, the Cedi declined by 0.37% against the Dollar, having opened the week trading at GHS 10.9955 from last week’s opening trade quote of GHS 10.9555. Safe-haven demand for the US Dollar has firmed in recent times, with expectations of higher-for-longer interest rates due to an energy-induced spike in inflationary pressures bolstering the greenback’s appeal. Against the Pound and the Euro, the Cedi traded up by GHS 1.13% and 0.82% to open the week, having been offered for GHS 14.5086 and GHS 12.5953 from last week’s opening trade values of GHS 14.6738 and GHS 12.6991, respectively.

On the Open Forex Market (oanda.com), the Cedi plunged by 0.62% against the Dollar, having been sold for GHS 10.9937 from last week’s opening trade value of GHS 10.9258. Against the Pound and the Euro, the Cedi edged up by 0.48% and 0.15% to trade at GHS 14.5369 and GHS 12.6254 at this week’s opening from last week’s opening trade quotes of GHS 14.6069 and GHS 12.6444, respectively. The Euro fell against a set of trading pairs as the bloc’s economy continues to grapple with supply disruptions, particularly in natural gas, on the back of the Middle East crisis.

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 10.9955, indicating a Year-to-Date (YTD) depreciation of 4.67% on the BoG inter-bank trading platform. It is also currently quoted at GHS 10.9937 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 4.45%.