The Ghana cedi has been making significant gains on the interbank market, particularly against the US dollar. As of the close of trading on Friday, 23 May 2025, the cedi was trading at approximately GH¢10.83 to the US dollar, a substantial improvement from earlier in the month when it was at GH¢15.31 per USD.
The Bank of Ghana’s official interbank mid-rate for the same day was GH¢10.9500 per USD. This strong recovery is attributed to tighter monetary policy conditions and renewed investor confidence. The BoG maintained its monetary policy rate at 28%, emphasizing its commitment to controlling inflation and maintaining macroeconomic stability.
Governor of the Bank of Ghana, Dr Johnson Asiama, highlighted several factors contributing to the cedi’s rebound, including increased foreign exchange inflows from gold and cocoa exports, remittances, and multilateral support. Regulatory measures to curb speculative demand in the FX market have also played a role. The central bank’s focus remains on managing inflation expectations and building up foreign exchange reserves.
The recent performance of the Ghana cedi could help alleviate inflationary pressures in the short term and allow for potential policy adjustments in the future. If this trend continues, it bodes well for the country’s economic stability and growth.
Overall, the strengthening of the Ghana cedi against major currencies is a positive sign for the economy and reflects a more stable and resilient financial landscape. Investors and policymakers alike will be watching closely to see how this trend evolves in the coming months.
