Cedi strengthens as dollar falls below ₵12
The Ghanaian cedi continued its rally against the US dollar on Wednesday, with the greenback falling to GH₵11.95 on the interbank market by mid-morning. The drop reflects a sustained softening in dollar demand and growing confidence in the local currency.
Trading opened with the dollar slipping from GH₵12.15 to GH₵12.12 before falling further to GH₵11.90—its lowest level in recent weeks. The development coincides with the opening of the second Monetary Policy Committee (MPC) meeting under the leadership of Bank of Ghana Governor Dr. Johnson Asiama.
Market analysts say the cedi’s renewed strength is supported by both domestic reforms and favourable external conditions. High global prices for gold and cocoa have improved Ghana’s export earnings, while improved fiscal discipline and reduced government spending are also boosting investor sentiment.
In a media interview, currency trader Kodzo Dziwornu Letsa said market sentiment remains bearish toward the dollar.
“We could see the cedi gain more ground if current trends hold,” he said, noting that speculation is mounting that the dollar could dip as low as GH₵10 in the coming days.
The Bank of Ghana has not commented directly on the projection but has indicated that it is monitoring developments closely. The current rally marks one of the most sustained stretches of cedi strength in recent memory, with analysts attributing the gains to increased foreign reserves, reduced oil import costs, and optimism surrounding economic recovery policies.
