Currency News – Week 46 [November 17, 2025]

The Ghana Cedi, along with some other riskier currencies and assets, faced a major headwind amid fading hopes that the US Federal Reserve will cut US interest rates at its upcoming policy meeting next month. The local currency’s performance this week comes after the presentation of the 2026 budget statement to Ghana’s parliament, where the finance minister recounted the Cedi’s bold gains against some of its major trading partner currencies, whilst also reiterating some policy measures the government hopes to adopt in the coming year to help sustain the Cedi’s gains.

The minister attributed the Cedi’s robustness to the central bank’s strategic forex interventions, higher export earnings, and the moderation in import demand, which cumulatively helped to preserve the local unit’s value and reduce exchange rate volatility. Going into 2026, the government’s monetary and exchange rate policies will seek to focus on keeping inflation low, strengthening the Cedi, and supporting growth. To help sustain the gains on the currency front, the minister noted that the government will be hoping to deepen exchange rate flexibility and transparency with the coming on board of the new forex exchange operations policy. This policy is expected to unify the forex market, eliminate multiple currency practices, and move repatriation of export proceeds to commercial banks.

On the Bank of Ghana (BoG) inter-bank trading platform, the Cedi traded down by 0.55%, 0.63%, and 0.86%, having been offered for GHS 10.9855, GHS 14.4701, and GHS 12.7411 at the start of the week from last week’s opening trade quotes of GHS 10.9255, GHS 14.3790, and GHS 12.6320 against the Dollar, the Pound, and the Euro, respectively. The Dollar posted several degrees of gains against some of its trading pairs as more Fed officials signalled caution over further easing, citing worries about inflation and signs of relative stability in the labour market.

On the Open Forex Market (oanda.com), the Cedi similarly tumbled against the set of three, depreciating by 0.47%, 0.44%, and 0.79% to open the week at trade values of GHS 10.9964, GHS 14.4743, and GHS 12.7546 from last week’s opening trade values of GHS 10.9453, GHS 14.4107, and GHS 12.6545 against the Dollar, the Pound, and the Euro, respectively. The Pound posted gains against some sections of its trading pairs despite weakening against some others, having been hurt by media reports that British Prime Minister Keir Starmer and Finance Minister Rachel Reeves have abandoned plans to raise income tax rates, alarming investors who had been anticipating an increase to help fill an expected fiscal shortfall.

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 10.9855, indicating a Year-to-Date (YTD) gain of 25.31% on the BoG inter-bank trading platform. It is also presently being quoted at GHS 10.9964 on the Open Forex Market (oanda.com) after opening the year at GHS 14.7134, indicating a YTD gain of 25.26%.