Currency News [June 30, 2025]

A resurgence in demand pressures weakened the Cedi as the local currency, after a short reprieve last week, failed to hold onto its gains at the start of this week. The Cedi opened the week nursing losses against the Dollar, the Pound, and the Euro on both the Bank of Ghana (BoG) inter-bank trading platform and the Open Forex Market (oanda.com). The Cedi tumbled despite Ghana expecting some forex injections from its development partners, and as the Dollar gradually wears out its safe-haven appeal.

A wave of inflows is projected to hit Ghana’s account to improve the sovereign’s forex position from the World Bank and the International Monetary Fund next month, where these funds are anticipated to support the ongoing macroeconomic recovery and to support the national budget. The receipt of these funds from the two development organizations, which are in excess of USD 700.0 million, will help to shore up Ghana’s Gross International Reserve, which stood at USD 10.7 billion, equivalent to 4.7 months of import cover as of April 2025.

On the BoG inter-bank trading platform, the Cedi tumbled by 0.10%, 1.60%, and 1.93% to open the week at trade values of GHS 10.3152, GHS 14.1328, and 12.1197 from last week’s opening trade quotes of GHS 10.3052, GHS 13.9099, and GHS 11.8898 against the Dollar, the Pound, and the Euro, respectively. The Pound rose against a basket of peers, riding on the Dollar’s general weakness. Data showing that Britain’s economy grew at its fastest pace in a year in the first three months of the year, as output grew by 0.7%, confirming a preliminary estimate and the fastest quarterly pace since the first three months of last year, further boosted the Pound’s appeal.

On the Open Forex Market (oanda.com), the Cedi plummeted by 0.34%, 2.27%, and 2.28% to trade at GHS 10.3726, GHS 14.2263, and GHS 12.1814 from last week’s opening trade quotes of GHS 10.3379, GHS 13.9112, and GHS 11.9099 against the Dollar, the Pound, and the Euro, respectively. The Dollar gained against the Cedi despite widely weakening against other hard and commodity currencies, battered by optimism over trade deals as well as growing expectations of the US Fed cutting rates in the second half of the year.

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 10.3152, indicating a Year-to-Date (YTD) gain of 29.86% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 10.3726 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD gain of 29.50%.