Cedi up 28.8% year-to-date
By Praisebell Rosemond Larbi
The Ghana cedi has recorded one of its strongest performances in recent months, buoyed by improved market sentiment and sustained central bank interventions.
Over the past two weeks, the local currency has appreciated sharply across all major trading pairs, signalling renewed investor confidence and stronger foreign exchange liquidity.
On the interbank market, the cedi strengthened by 9.68 per cent to GHS10.80 per US dollar, 10.00 per cent to GHS14.42 per pound, and 9.16 per cent to GHS12.61 per euro.
Similar gains were recorded on the retail market, where the cedi advanced 6.53 per cent against the US dollar to close at GHS12.25 from GHS13.05, 5.54 per cent against the pound to GHS16.25 from GHS17.15, and 5.26 per cent against the euro to GHS14.25 from GHS15.00, according to checks by The New Finder.
The central bank’s consistent supply of forex to meet market demand is said to have curtailed speculative trading, prompting some traders to unwind earlier high positions, resulting in the recent sharp appreciation.
“This corrective reaction most likely fuelled the cedi’s swift recovery,” analysts explained, adding that the momentum was further supported by the central bank’s gold-for-oil policy and strengthened reserves.
Research firm Databank Research noted that the near-term outlook for the cedi remains positive, backed by sustained forex inflows and renewed confidence ahead of the 2026 Budget presentation.
“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,” it said.
Databank added that with gold’s reclassification as a top-tier liquidity asset under the Basel III Endgame reforms, and shifting reserve preferences among central banks, confidence in hard assets such as gold has been further reinforced, providing additional support to Ghana’s currency stability strategy.
Meanwhile, the local currency continued to post marginal gains at the start of this week, trading at GHS12.10 to one US dollar in the retail market.
The cedi’s year-to-date gain now stands at an impressive 28.84 per cent, reflecting one of its best performances in recent years.
