The Ghana cedi began April 2025 on a stable note following a mixed performance in March.
As of April 2, 2025, the cedi traded at GH¢15.95 per US dollar after making slight gains the previous week.
This reflects a year-to-date depreciation of 1.74% in the retail market, though it has lost over 5% in value on the interbank market.
At the close of last week’s trading, the cedi stood at a mid-rate of GH¢15.80 per dollar, supported by a decline in foreign exchange demand.
The local currency strengthened by 0.63% against the US dollar, 0.99% against the British pound, and 0.88% against the euro on a weekly basis.
Ghana’s foreign exchange reserves (excluding encumbered assets) grew by 7.17% in the first two months of 2025, reaching $6.86 billion in February, up from $6.40 billion in December 2024.
This increase came despite a 48% surge in the country’s refined oil import bill.
The current reserve level now provides three months of import cover, up from 2.9 months at the end of 2024.
Analysts credit the improved reserves with enhancing the Bank of Ghana’s ability to support the forex market, helping to stabilize the cedi.
Looking ahead, analysts expect the cedi to remain steady in the near term, backed by stronger reserves and ongoing market interventions.