After a mixed performance in March 2025, the Ghana Cedi began April 2025 on a stable note.
It gained a little ground the week before and was trading at GH¢15.95 to one US dollar on April 2, 2025.
This reflects a year-to-date depreciation of 1.74% against the dollar in the retail market, though it has lost more than 5% in the interbank market.
At the close of last week’s trading, the cedi was quoted at a mid-rate of GH¢15.80 to one dollar.
The improvement came as a result of an easing demand for foreign exchange. As a result, the local currency gained 0.63% week-on-week versus the US dollar, 0.99% against the pound, and 0.88% against the euro.
In the first two months of 2025, Ghana’s foreign exchange reserves (not including encumbered assets) climbed by 7.17%, from US$6.40 billion in December 2024 to US$6.86 billion in February 2025.
Despite a 48% increase in the bill for imported refined oil, reserves increased.
At the end of 2024, the reserve level was 2.9 months of import cover; it is currently at three months.
According to analysts, the Bank of Ghana’s market assistance, which has kept the cedi stable, has been facilitated by the increased reserves.
Analysts predict that the cedi will stay steady in the near future as supply-side actions are supported by the rising reserves.
