Cedi weakens ahead of Christmas dollar rush
The cedi ended the week weaker on the interbank market, trading at GH¢11.13 to the US dollar as of Friday, November 21, 2025.
The slight depreciation reflects ongoing pressure from major foreign currencies, driven in part by increased demand for dollars ahead of the Christmas season.
Bank of Ghana data showed the dollar buying at GH¢11.11 and selling at GH¢11.13.
The British pound traded at GH¢14.55 (buying) and GH¢14.56 (selling), while the euro was quoted at GH¢12.80 (buying) and GH¢12.81 (selling).
A week earlier, the dollar was at GH¢10.96 (buying) and GH¢10.98 (selling), indicating sustained pressure on the cedi. Similar upticks were seen for the pound and euro.
On the forex bureau market, rates were considerably higher as the dollar around GH¢12.35, the British pound at GH¢16.30, and the euro at GH¢14.20, reflecting stronger demand outside the official interbank system.
This seasonal depreciation aligns with an annual pattern, as traders seek dollars to restock goods for the festive season.
Imports of electronics, clothing, beverages, household items, and other consumer goods typically surge ahead of Christmas, pushing up dollar demand.
Traders at major markets report that rising import costs, higher freight charges, and tighter supplier credit terms are prompting them to buy dollars earlier than usual.
Some warn that if the cedi continues to weaken, consumers could face higher retail prices in December as businesses adjust to protect their margins.
The coming weeks are expected to remain critical, with foreign exchange pressures peaking as the Christmas season approaches.