Cedi records one of its strongest performances; one dollar equals GH¢12.10 at forex bureaus
The Ghana cedi posted one of its strongest performances in recent months over the two-week review period.
This was supported by improved market sentiment and steady central bank interventions.
It appreciated to GH¢10.85 per US dollar (+9.68%), GH¢14.42 per pound (+10.00%), and GH¢12.61 per euro (+9.16%) on the interbank market.
Retail market activity reflected similar momentum, with the cedi advancing 6.53% against the US dollar to close at GH¢12.25 from GH¢13.05, 5.54% against the pound to GH¢16.25 from GH¢7.15, and 5.26% against the euro to GH¢14.25 from GH¢15.00.
Over the past two weeks, the cedi has clawed back most of its losses as enhanced foreign exchange liquidity from the central bank has eased negative sentiment, likely triggering sell-offs by some market participants to unwind earlier high positions.
This corrective reaction most likely fuelled the sharp appreciation.
“In the coming weeks, we expect relative stability following the release of pent-up market momentum. Sustained foreign exchange inflows and renewed confidence ahead of the budget presentation should anchor this outlook. With gold’s reclassification as a top-tier liquidity asset under Basel III ‘Endgame’ reforms and shifting reserve preferences among central banks, confidence in hard assets has strengthened”, Databank Research said.
Together with the expected US$385 million disbursement in December 2025, its near-term outlook for a stronger cedi remains firm.
Meanwhile, the local currency started this week recording some further gains against the US Dollar.
It is going for GH¢12.10 to one American greenback in the retail market.
Its year-to-date gain stands at 28.84% to one US dollar.
Source: MyJoyOnline
