Currency News [September 1, 2025]

The local currency continued to lose luster as it began the week, posting its biggest weekly losses yet in 2025 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 Cedi, which came in strong in the second quarter of the year, buoyed by improvement in some key macroeconomic variables, strong forex proceeds from the bullion sales, and improving investor confidence, among others, is seen struggling to hold on to its earlier gains as increased demand for forex amid tepid supply by Ghana’s central bank poses a major headwind to the Cedi’s outlook.

To help sustain the Cedi’s stability, the central bank has, in recent times, begun to tighten its grip on the domestic currency market by announcing a series of guidelines and directives aimed at curbing speculation and hoarding of forex. Among these is an amendment to its anti-money laundering guidelines with special attention to dictating the currency limits that travelers entering or leaving the shores of Ghana may carry. The bank has also moved to prohibit the pricing of goods and services in foreign-denominated currencies. Although these moves are intended to help sustain the Cedi, strong demand for forex by importers ahead of the festive season, coupled with offshore investors of DDEP bonds hoping to repatriate their investment proceeds, continues to hurt the local currency.

On the BoG inter-bank trading platform, the Cedi traded down by 5.94%, 6.38%, and 6.25% to open the week, being offered for GHS 11.6058, GHS 15.7212, and GHS 13.5809 from last week’s opening trade quotes of GHS 10.9555, GHS 14.7789, and GHS 12.7823 against the Dollar, the Pound, and the Euro, respectively. The Pound gained against some of its trading pairs following this month’s hawkish turn by the Bank of England.

On the Open Forex Market (oanda.com), the Cedi plummeted by 7.33%, 7.66%, and 7.65% to trade at GHS 11.8184, GHS 15.9953, and GHS 13.8416 at this week’s opening from the previous week’s opening trade quotes of GHS 10.0116, GHS 14.8571, and GHS 12.8583 against the Dollar, the Pound, and the Euro, respectively. Growing expectations of a looming rate cut by the US Fed later this month did little to keep the Dollar subdued, as the greenback maintained its safe-haven status, appreciating against a number of its peers.

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 11.6058, indicating a Year-to-Date (YTD) gain of 21.09% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 11.8184 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD gain of 19.68%.