The Ghana Cedi demonstrated resilience against the US dollar and other major trading currencies in April 2025, buoyed by improved market liquidity following the Bank of Ghana’s targeted supply-side interventions.
The central bank injected US$490 million into the market, effectively easing demand pressures by sufficiently meeting forex needs.
As a result, the cedi appreciated by 5.3% month-on-month against the US dollar, translating to a 7.44% year-to-date (YTD) gain.
The local unit also gained 0.71% against the British pound (0.79% YTD), and remained relatively stable against the euro, slipping just 0.3% month-on-month—narrowing its YTD depreciation to 1.83% on the retail market.
According to a Reuters report, the Gold Board (Goldbod) has secured an agreement with nine mining companies to purchase 20% of their monthly estimated gold production—about 200 kilogrammes—before export.
The deal allows the government to pay the mining companies in cedi equivalents rather than in US dollars.
Analysts believe this move will reduce the burden on Ghana’s foreign exchange reserves.
“We believe this is a positive move to help shore up Ghana’s gold reserves and support the Ghana Cedi in May 2025. Additionally, we expect the central bank’s targeted intervention to help stabilise the unit. As such, we expect the Ghana Cedi to remain strong this week,” Databank Research noted.