The Ghana Cedi started the week on a losing streak despite a strong performance in April 2025.
The local currency sold at GH¢14.60 to one US dollar on the retail market, while going for GH¢13.65 on the interbank market.
Despite the dip, the cedi remains one of the top-performing currencies in Africa in 2025, having appreciated by over 7% since January 1. The CFA franc, used by Francophone West African countries, is currently the best-performing currency on the continent this year.
All things being equal, the cedi is expected to remain relatively stable in May 2025.
Analysts at Databank Research believe a recent agreement between the Ghanaian government and nine mining firms—secured through the Ghana Gold Board (Goldbod)—to purchase 20% of their monthly estimated gold production of 200 kilogrammes before export, is helping sustain the cedi’s strength.
The deal allows the government to pay the mining companies in Ghana cedis instead of US dollars, thereby easing pressure on the foreign exchange market.
“We believe this is a positive move to help shore up Ghana’s gold reserves and strengthen 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 stated.
In April 2025, the Bank of Ghana injected US$490 million into the forex market to meet demand and stabilise the cedi.