Over the past fortnight, the cedi encountered mild demand-driven pressures in the opening week, as anticipated.

However, it clawed back losses in the latter half as broad-based “sell America” sentiment underpinned external support.

In the interbank market, the cedi appreciated by 0.09% against the US dollar, 0.86% against the pound sterling, and 1.16% against the euro, closing at mid rates of GH¢10.97 to the US dollar, GH¢14.81 to the pound and GH¢12.93 to the euro.

The positive momentum filtered through to the retail segment, where the currency strengthened by 0.6% against the US dollar, 1.29% against the pound sterling, and 1.11% against the euro. It settled the period at mid-rates of GH¢11.63/US dollar, GH¢15.55/pound and GH¢13.50/euro.

“We concur that the cedi’s recent appreciation mirrors gains across other major Sub-Saharan African (SSA) currencies, highlighting broad-based external support from sustained US dollar weakness”, said Databank Research.

In the near term, it expects these tailwinds to drive further cedi strength as expectations of continued US dollar softness moderate demand for the greenback, amid heightened risks of a potential Iran confrontation.

“Supported by targeted forex intervention from the Central Bank through a US$1.0 billion facility gradually deployed to meet market demand, we anticipate the cedi’s gains extending to an interbank mid-rate range of GH¢10.85 – GH¢10.95/US dollar over the next fortnight. Retail rates should align around GH¢11.55-11.60/US dollar, with scope for tighter spreads if inflows accelerate.

Meanwhile, the cedi began this week going for GH¢11.70 in the retail market.

Its year-to-date gain stood at 4.95% to the American greenback.

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In a statement issued Wednesday, COPEC projected that “Petroleum prices beginning the 1st window of March, 2026 are expected to see some marginal increments across the pumps.”

According to the chamber, “Petrol is expected to go up marginally by 3.59%, Diesel by 1.52% whiles LPG could witness a decline of -1.57% across various pumps respectively.”

Explaining the outlook, COPEC said global crude prices edged up by about 1.25%, rising from $70.90 per barrel to $71.79 per barrel. Over the same period, the cedi appreciated only slightly against the dollar.

“The Cedi, however, witnessed a marginal appreciation against the Dollar to close trading from an average interbank rate of $1:GHS11.0990 at the start of the current window to $1:GHS11.0723 (0.24%) as of the close of the window,” the statement noted.

For petrol, COPEC said the international Free On Board (FOB) price jumped significantly.

“With the international FOB price of petrol increasing from $652.64/MT to $685.27/MT (5.03%) and a currency appreciation of about 0.24%, the retail price of petrol works up to an increment of 3.59%.”

It projected that “the retail price of Petrol is expected to be selling between GHS11.8/L and GHS13/L, within a ±5% range of COPEC’s projection.”

Diesel is also expected to record a marginal rise.

“With the International FOB price of diesel increasing from $695.94/MT to $711.86MT (2.29%) and cedi’s appreciation averages of 0.24%, the projected retail pump price for diesel in the next window shall work up to an increment of 1.52%.”

COPEC said diesel prices are likely to range “between GHS12.73/L and GHS14.0/L within a ±5% range of COPEC’s projection.”

LPG, however, could offer some relief to consumers.

“With the international FOB price of LPG decreasing from $508.77MT to $503.59/MT (-1.5%) and the cedi’s appreciation of about 0.24%, the projected retail price of LPG is expected to decline marginally by -1.57%.”

Within the allowable margin of error, LPG is projected to sell “between GHS11.48/kg and GHS12.69/kg.”

Despite the expected adjustments, COPEC urged restraint at the pumps.

“In conclusion, it is the expectation of COPEC that the various Oil Marketing Companies would maintain prices across the pumps in order not to overburden the consumer with these expected increments in the coming window,” the statement signed by Executive Secretary Duncan Amoah said.

The projections suggest that while currency stability provides some cushion, global market pressures continue to dictate pump pricing trends.

Analysts attribute last year’s rally to elevated gold prices, strong cocoa earnings, and increased foreign reserves, which allowed the Bank of Ghana to inject roughly $10 billion into the foreign exchange market.

Gold exports were a key driver, reaching $8.3 billion in the first half of 2025 alone—nearly double the previous year.

“Because the Ghana Gold Board is mandated to surrender its foreign exchange earnings to the Bank of Ghana, these inflows went directly to strengthening reserves rather than leaking into parallel markets,” the report noted.

The advisory cautions that 2026 will test the resilience of the currency.

“While gold prices should remain elevated, the Bank of Ghana is likely to allow the currency to resume its traditional gradual weakening trend to preserve Ghana’s external competitiveness,” EM Advisory said. By year-end, the cedi is projected to trade at GHS 12.0/USD, reflecting a modest depreciation from current levels.

Reserve adequacy remains a focus, with total gross international reserves reaching $13.8 billion, equivalent to 5.7 months of import cover.

The report warned, however, that reliance on a concentrated commodity export base—predominantly gold, cocoa, and oil—leaves Ghana vulnerable to global price swings.

The advisory recommends structural reforms to reduce commodity dependence and strengthen resilience. “Establishing a modern gold refinery and implementing traceability mechanisms across the supply chain would help capture more value domestically and reduce exposure to price volatility,” EM Advisory suggested.

The local gold refining initiative with Gold Coast Refinery is highlighted as a promising step toward this goal.

Speaking on Joy News’ PM Express, Mr Boateng said the refusal by some businesses to adjust prices downward is not just unfair, but also deliberate.

“I see the action of not wanting to reduce prices as a deliberate issue,” he said, describing the situation as one where a trader may refuse to reduce the price of bread, “irrespective of the fact that the commodity, some of the commodities that he’s using to bake the bread… has gone down.”

According to him, such behaviour reflects a troubling attitude among some Ghanaians who refuse to allow others to benefit from improved economic conditions.

“And I see that as an attitude of some of Ghanaians that, irrespective of whatever situation that we find ourselves, we will not let our compatriots also enjoy the gains that we have made,” he said.

Mr Boateng stressed that the cedi’s appreciation is no longer in dispute and that the business community has benefited from it.

“It is an undeniable fact that the cedi has appreciated for quite some time. And the business community has made some gains,” he said.

For that reason, he believes traders have a responsibility to reflect those gains in pricing.

“So definitely, the gains that we have made, we are supposed to also pass it on to the consumer, for the consumer to also enjoy a bit of what has happened in the marketplace,” he added.

When asked directly by the host whether the price reductions have actually happened, the GUTA President responded that the trend is real across the market, although some traders still refuse to comply.

“It has happened across board. Yes, across board. But you see, as we say, we have bad nuts in every community,” he said.

He warned that traders who stubbornly maintain high prices risk losing out in an increasingly competitive market.

“People have made up their minds that they will not reduce their prices. But I pity those people, because the market that we are in is a very, very competitive market,” he said.

Mr Boateng explained that trading is built on turnover, and any trader who sits on stock out of greed could end up damaging their own business.

“The business that we do, we use facilities in doing the business, and businesses thrive on turnover,” he noted.

He added that refusing to reduce prices will only benefit competitors who adjust faster and sell more.

“So if you sit behind your goods… and you will say you will not reduce it for the consumer… you do so at your own expense,” he warned.

“Your neighbour will sell fast and then bring in more goods to make the turnover that he wants, and his business will thrive, and then you will sit beside your goods, and will not make any sales,” he said.

Mr Boateng insisted that, overall, prices have already begun to fall and that this is reflected in inflation trends.

“So I can tell you for a fact that generally, prices have gone down. And that is why inflation also seems to be going down,” he said.

Explaining the concept, he said that inflation is linked to the value consumers get from their money.

“What does inflation mean? Inflation simply means having a purchasing value of your money on either goods or services,” he stated.

And on the issue of prices, he maintained that the evidence is clear.

“And I can tell you clearly that, if you want to talk about prices of goods… prices of goods, you know, have generally come down,” he said.

His comments come amid growing public pressure on importers, retailers, and manufacturers to pass on the improved exchange rate to the cost of goods, especially essentials.

For Mr. Boateng, the message to traders is simple: the cedi has gained, businesses have benefited, and consumers must not be left out.

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Data from the Bank of Ghana’s January 2026 Summary of Economic and Financial Data show the cedi trading at GH¢10.88 to the US dollar on the interbank market, compared with GH¢10.45 at the close of December 2025. This represents a depreciation of roughly four per cent over the period.

The local currency also weakened against other key trading currencies. It lost about 4.9 per cent against the British pound and 4.1 per cent against the euro, trading at GH¢14.77 to the pound and GH¢12.80 to the euro on the interbank market.

Movements across the foreign exchange market have been mixed over the past two weeks. In the retail segment, sustained demand pressures saw the cedi trading at around GH¢12.00 to the US dollar.

Over the same period, the dollar edged up from GH¢11.90 to GH¢12.15, while the pound and the euro strengthened further, closing at approximately GH¢16.30 and GH¢14.20, respectively.

Analysts attribute the January depreciation to seasonal foreign exchange demand, portfolio rebalancing at the start of the year, and the cedi’s sensitivity to global financial conditions.

Despite the slide, the scale of the decline is considered modest compared with the strong performance recorded in 2025.

The Bank of Ghana has maintained a cautious policy stance and continues to monitor foreign exchange market developments, with attention now focused on whether the early-year weakness will ease in the coming months or signal a more sustained adjustment following last year’s sharp appreciation.

The recent softening contrasts sharply with developments in 2025, when the cedi staged a notable recovery. After early losses in the first quarter, the currency rebounded strongly from April, gaining about 43 per cent against the dollar by May and ending the year with a cumulative appreciation of 40.7 per cent, supported by improved confidence, stronger foreign exchange inflows and tighter policy coordination.

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The US dollar/Ghana cedi closed at a midrate of GH¢10.88 in the interbank market, up from GH¢10.70.

However, the pound and euro eased by 2.70% and 2.57% to close at GH¢14.78 and GH¢12.80, respectively against the cedi.

In contrast, the retail rates saw the dollar firm modestly against the cedi to GH¢11.90 from GH¢12.15, while the pound and euro strengthened by 1.58% and 2.18%, closing at midrates of GH¢15.80 and GH¢13.75, respectively.

“As expected, renewed demand exceeding FX [forex] supply caused modest cedi losses in the interbank market, while relatively subdued retail demand likely prompted slight price adjustments to attract buyers. Looking ahead, we forecast a stronger cedi over the next two weeks, underpinned by anticipated FX injections to temper bearish expectations”, said Databank Research.

“On the external front, global rerouted flows and interest appear to favour persistent dollar weakness as sovereigns cautiously trim US Treasury holdings despite yield appeal. Coupled with expectations of a dovish Fed under Trump, our timing on these flows positions us ahead of the curve, eyeing a GH¢10.70/US dollar base case”, it added.

Meanwhile, the cedi started trading this week at GH¢12.00 to one American greenback.

Its year-to-date appreciation stands at 1.88% to the dollar.

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Speaking at the 2026 International Customs Day celebration, Mr. Ampem said the fight against corruption must be decisive and sustained, noting that public resources lost through unethical practices deprive the country of critical development opportunities.

“We must take decisive steps to eradicate all forms of corruption and fraud, as every cedi lost represents a missed opportunity for national development,” he stated.

The Deputy Finance Minister emphasised that revenue mobilisation remains the backbone of the government’s ability to deliver essential services, including infrastructure, education, healthcare, and sanitation. He cautioned that corruption within the Customs system has far-reaching consequences beyond revenue shortfalls.

According to him, funds lost through corruption translate into unbuilt schools, poor road networks, inadequate healthcare facilities, and reduced access to safe water and sanitation, all of which directly affect the wellbeing of citizens.

Mr. Ampem underscored the strategic role of the Customs Division of the Ghana Revenue Authority, not only in revenue mobilisation but also in protecting Ghana from illicit trade, including drugs, small arms, counterfeit medicines, and substandard goods. He said this responsibility makes integrity and professionalism within Customs non-negotiable.

He reaffirmed government’s commitment to strengthening Customs operations through policy reforms, digitalisation, and investments in modern infrastructure and technology, aimed at improving efficiency while closing avenues for corruption and fraud.

As Ghana joined the international community under the auspices of the World Customs Organization to mark International Customs Day, the Deputy Finance Minister urged Customs officers to recommit themselves to transparency, accountability, and patriotism.

He concluded by stressing that protecting national revenue is central to safeguarding Ghana’s future, adding that a zero-tolerance approach to corruption is essential to ensuring that every cedi collected works for the benefit of the nation.

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Dr Mumuni explained that this is why protecting the cedi must be seen as a collective responsibility.

“Protecting the cedi is not the task of one institution, but a collective responsibility of policymakers, businesses, households, and yes, the media,” he said.

He made the remarks in a speech on reporting on the Bank of Ghana’s operations and their impact on markets, delivered as part of the Governor’s New Year Media Engagement.

Dr Mumuni noted that the cedi ended the year much stronger, reflecting improved economic fundamentals, disciplined policy choices and growing confidence in the policy framework.

“And just as instability hurts everyone, stability benefits everyone,” he added.

He praised the media for its role during the Cedi@60 campaign, saying coverage during the period demonstrated the power of responsible reporting.

“By reinforcing responsible currency handling and national ownership of the cedi, your reporting helped turn policy into public action,” he said.

However, the First Deputy Governor cautioned against sensational reporting, warning that it can amplify anxiety, while incomplete context can distort public understanding.

He maintained that responsible journalism can help stabilise expectations and strengthen confidence in the economy.

“This is not about silencing criticism,” he said. “It is about recognising that in macroeconomics, perception often precedes reality.”

Cedi’s performance

The Ghana cedi ended 2025 with an appreciation of more than 40 per cent against the US dollar, making it one of the best-performing currencies in Africa for the year.

Market analysts have attributed the strong performance largely to the Bank of Ghana’s decisive measures to stabilise the local currency.

Central bank’s losses and the media

Dr Mumuni also stressed the need for context when reporting central bank losses, noting that such outcomes are not unusual.

“Central banks across the world can incur losses while taking decisive actions to stabilise their economies during periods of crisis,” he said.

According to him, such losses reflect policy choices made in the public interest rather than financial recklessness.

“These outcomes reflect policy choices made in the public interest, not financial recklessness,” he emphasised.

He warned that failing to clearly explain this distinction could erode public trust.

“When this distinction is not clearly explained, public trust can be eroded,” he said.

Dr Mumuni added that the broader policy outcomes should not be overlooked.

“The thrust of policy must not be lost; inflation fell sharply, reserves were rebuilt, and the cedi strengthened,” he noted.

Speaking on Asempa FM’s Ekosii Sen show, Dr. Assibey-Yeboah acknowledged that inflation has declined to about 5.4 per cent, suggesting some price stability. However, he warned that other economic indicators remain concerning.

“Ghana’s economic growth rate is currently estimated at about 4 per cent in 2025, the lowest in the West African sub-region. This is troubling for business expansion and job creation,” he noted.

He explained that the relatively strong cedi is affecting exporters, with institutions such as COCOBOD and the Ghana Revenue Authority (GRA) raising concerns over the exchange rate regime.

“For an exporting country, a strong currency is not good. The current exchange rate is hurting exporters. I believe the cedi is overvalued and should come to around 14 cedis to the dollar,” Dr. Assibey-Yeboah said.

He emphasised that sustainable economic growth, improved employment, and a competitive exchange rate must be prioritised to strengthen Ghana’s economy.

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Speaking to the media after engaging with traders, Madam Ofosu-Adjare noted that the exchange rate has strengthened significantly from about GH¢17 to the US dollar in 2024 to around GH¢12, easing foreign exchange pressures on imports and creating room for price reductions across the spare parts market.

She also highlighted recent fiscal measures, including the removal of the COVID-19 levy in the 2026 Budget, which she said would reduce import duties and overall costs on imported spare parts.

“In 2024, the dollar went up to about $1 to 17 cedis. Now it is under $12, so there shouldn’t be any justification for prices to remain the same or increase,” she stated.

Madam Ofosu-Adjare disclosed that this was her fifth engagement with traders across various markets, recalling that previous discussions in 2025 led to commitments by traders to reduce prices within four months as the cedi stabilised. She said about 80 per cent of dealers at Abossey Okai have already reduced prices, with many consumers, including drivers accompanying her, confirming the trend.

However, she noted that a few traders are yet to adjust prices fully and encouraged them to align with the improved macroeconomic conditions.

“I am excited about the reception and the assurance that when I return, prices will see further improvement. With the COVID levy now scrapped, import duties will naturally come down. From February or March, I expect prices to be even better than what we are seeing now,” she added.

The Minister also advised vehicle owners to purchase spare parts directly from dealers rather than through intermediaries, warning that middlemen often inflate prices and distort the market.

“Middlemen give the people of Abossey Okai a bad name. Come with your mechanic, discuss directly with dealers, and shop around for the best deal,” she urged.

She further pledged that the government will continue engaging stakeholders, including Sprinter bus spare parts dealers, to improve efficiency and ensure fair pricing across the automotive spare parts value chain.

Meanwhile, Chairman of the Abossey Okai Spare Parts Dealers Association, Henry Okyere Jnr., assured that the association is taking steps to sustain price reductions in line with market conditions.

“We are moving from store to store to educate our members that the dollar is stable and duties are down, so prices must also come down. Give us about 30 days to see how things work out,” he said.

Mr Bentil says GoldBod has had some influence on the local currency, but its effect accounts for less than 10 per cent of the cedi’s recent gains.

He attributed a significant part of the appreciation to broader global trends, particularly the weakening of the United States dollar.

“GoldBod has made some contribution, but its effect on the cedi is less than 10 per cent. Globally, the dollar itself has been depreciating,” said Mr Bentil, who is also a private legal practitioner.

Touching on President John Dramani Mahama’s positive approval ratings in his first year back in office, Mr Bentil said the development was not unexpected.

However, he cautioned that the real test of governance would emerge over the remaining years of the President’s term. “It is not surprising. The real challenges are what will happen in the next three years,” he noted.

His comments align with earlier observations by IMANI Africa’s Honorary Vice President, Bright Simons, who also acknowledged GoldBod’s role in supporting currency stability in 2025 but stressed that it was not the dominant factor.

Mr Simons explained that exchange rate movements are influenced by multiple variables, including commodity prices, noting that Ghana’s heavy reliance on gold exports means the more than 70 per cent rise in global gold prices in 2025 played a significant role in supporting the cedi.

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2. They have earned the right to be triumphant: some analysts say that the Cedi enjoyed its best performance in over 30 years.

3. Readers of this site know that some of us believe that the Cedi became overvalued due to over-interference by the BoG, but that is an entirely separate debate.

4. For now, the issue is that the Cedi’s managers promised to hold it down and they found the resources and will to do it. Full stop.

5. For me that is a political outcome. Political leaders stepping up to “political accountability”. In the katanomics framework that I swear by though, that’s not everything. There is also POLICY ACCOUNTABILITY.

6. In this context, policy accountability means ensuring that exchange rate policy actually supports economic development and social welfare, while obsessing as much over how stability is sustained as over which rate is desirable.

7. Let me illustrate this in the context of industrialisation. There is a whole lot of research that shows that most of the countries that succeeded in industrialisation (especially in Asia) did so by attracting multinational manufacturers who brought capital, technology, knowledge, and discipline.

8. Ghana, like some other African countries, also attracted multinational manufacturers after independence. Some of them had been around during colonial times but mostly in trading. They shifted focus to manufacturing when post-independence leaders emphasised industrial transformation.

9. They include the likes of Unilever, Nestle, Cadbury, Guinness, PZ, etc. Even some automotive and electronics companies came in. Philips, Sanyo, Volkswagen, Siemens, Leyland, Fiat, IIT, and Tata.

10. If Ghana (like Nigeria) can be said to have failed whereas Taiwan, Korea, Vietnam, and Thailand succeeded in boosting the presence of multinationals, then learning the ropes themselves, and finally building up local champions to take over, a big part of the picture is summed up in the behaviour of the exchange rate.

11. To probe further, I gathered and analysed 30 years of financial and some operational data on Unilever’s business in Ghana. I can’t deny that my choice of period wasn’t influenced by the timeline of the Cedi’s success being celebrated today.

12. I got interested in this question when I saw that Unilever Ghana now imports Rexona deodorant from other Group affiliates in Italy and then re-export them all over the region. Its numbers are looking good again after a massive plunge during the COVID years but performance now seems to be driven by trade instead of manufacturing.

13. In 2014, Unilever Ghana doubled down on expanding manufacturing plants to make more personal care and beauty products.

The company has been shifting in that direction for years, moving slowly away from its historic focus on food.

14. Per its corporate vision of that time, Ghana ought by now to have become a regional hub making the likes of Rexona deodorant for regional sales. That didn’t happen. Even good old “Omo” is now being imported from all over the place by traders.

15. So, I decided to treat Unilever as a lagging bellwether for industrialisation in Ghana to the extent that it is a “loyal multinational” that kept faith with Ghana through thick and thin.

16. The central issue, however, is: did Unilever succeed in growing and compounding value (for all its stakeholders) over its 60 years of manufacturing history?

17. The headline answer is that it saw negative hard-currency growth over 30 years.

18. Unilever’s revenue in 1994 was $111 million. During the oil boom era of 2010 to 2013, it hovered in $180 million territory (proving that divestments of group entities isn’t the primary issue.) In 2024, it barely crossed $65 million.

19. The revenue compound annual growth rate (CAGR) is MINUS 1.74% over 30 years.

20. A part of the story is explained by the company being forced to abandon more complex industrial operations in textiles, timber processing, heavy machinery etc. over time. But a good deal of it is just pure capital erosion.

21. Shareholder equity in 1998 was $54.2 million. It peaked at $64.3 million and then sank to a mere $6.3 million in 2022. Today, it is around $15.9 million.

22. But it wasn’t due to underinvestment, either. The company’s returns actually crashed during macro-stress periods following considerable reinvestment.

2018 shows extraordinary capital expansion (likely retooling / plant upgrade cycle). Yet profitability collapsed after the expansion push. By 2020, Capex falls below depreciation, indicating:

• defensive retrenchment
• cash preservation mode

Then dividends go to zero in 2020, to reinforce the distress response. This is a company being punished for good behaviour. Any surprise then that despite Africa’s surging demographics, Unilever no longer lists a single African region amongst its top 24 strategic markets where it intends to drive growth and performance through its beauty, personal care, and wellness segments?

23. Meanwhile, average net margin over the 30-year period sat around 5.5%. In 2020, it went all the way down to MINUS 11% (ROE: minus 139%).

If you think the 2020 number is just a super-rare one-off due to the COVID-19 black swan, think again. Such periods of extreme stress in the Unilever Ghana business actually tends to recur. In 2003 – 2004, for instance, operating profit crashed by nearly 55%.

24. Consider that the Unilever Group has had an underlying operating margin for the last decade of more than 16%. Peer benchmark long-term margins for global manufacturers that compounded value in the successful Asian economies were typically in the 12% to 15%. In tech, it even exceeds 45%.

25. The capital market verdict has been equally sobering. Unilver’s market cap grew from $19 million in 2000 to over $700 million in 2008 then began a long descent to less than $120 million today.

26. The key insight in all of this is the use of the dollar to gauge returns. That is why it is an exchange rate phenomenon. For example, in Ghana Cedis, Unilever’s market cap has actually grown by over 50% since 2008. The tragicomic situation is that an overvalued exchange rate actually hurts Unilever’s steadily growing trade and re-export business. All they crave for is currency STABILITY.

29. The exchange rate makes Ghana a bad bet for global multinationals. Which is why their commitment has been so lukewarm over the years. Yet, the historical reality is that multinationals like Unilever have tended to treat workers much better and offered upskilling opportunities that the rest of the private sector rarely offer.

30. And therein lies the real policy challenge: sustaining a long-run STABLE exchange rate.

The currency has defied traditional seasonal trends of end-of-year depreciation, marking a dramatic turnaround that is providing much-needed relief to the nation’s private sector.

For decades, the final quarter in Ghana has typically been characterised by a “forex squeeze” as importers scramble for dollars to stock shelves for the festive season.

However, 2025 has seen a reversal of this pattern. Market data reveals that the local currency has not only held its ground but has actively clawed back value against major global benchmarks.

The Numbers: A Comparative Triumph

The scale of the cedi’s recovery is most evident when compared to the turbulent close of the previous year.

Last week, the interbank market opened with the dollar at GHȼ11.50, the pound at GHȼ15.36, and the Euro at GHȼ13.47.

By the start of this final week of December, those rates had sharpened to:

• US Dollar: GHȼ11.11
• British Pound: GHȼ15.00
• Euro: GHȼ13.08

This performance stands in stark contrast to December 2024, when the dollar traded at a staggering GHȼ14.71, the pound at GHȼ18.49, and the Euro at GHȼ15.33.

The Mechanics of Stability

Economic analysts point to a “perfect storm” of positive fiscal indicators that have cushioned the cedi. Primarily, Ghana is benefiting from a current account surplus, bolstered by a favourable balance in both capital and financial accounts.

This strengthens the nation’s external buffer, allowing the Bank of Ghana to maintain a more stable exchange rate regime.

Furthermore, two specific year-end factors have played a pivotal role:

1. Reduced Import Pressure: Many businesses completed their festive import cycles earlier in the year, leading to a decline in late-season forex demand.
2. The “Diaspora Effect”: Massive inflows of foreign exchange from Ghanaians living abroad—returning for the various “Beyond the Return” festivities—have significantly boosted the local supply of dollars, pounds, and euros.

Relief for the Business Community

For the Ghanaian business community, this stability is more than just a statistical victory; it is a lifeline for operational planning.

Importers, cross-border traders, and manufacturers who rely on predictable exchange rates can now price their goods with greater certainty.

“The improved stability is offering relief to businesses that rely heavily on predictable exchange rates for planning, pricing and cross-border transactions,” noted a market observer, highlighting that the trend is expected to lower the general cost of doing business in the first quarter of 2026.

As the year draws to a close, the sentiment among the trading public is one of cautious optimism. Individuals who have traditionally seen their purchasing power eroded by inflation and currency depreciation are hopeful that this trend signifies a permanent shift toward macroeconomic maturity.

Market Summary: Interbank Rates at a Glance

New data from the Bank of Ghana reveals that international gold prices rose from $2,641 per ounce in December 2024 to$4,054 in October 2025, representing a remarkable 53.5% surge. Realized prices, what Ghana actually receives, increased by 55.9% over the same period. This price increment transformed the country’s external accounts. Gold export earnings jumped from $10.3 billion at the end of 2024 to $15.2 billion by October 2025, making gold the dominant export, accounting for more than 65% of total receipts.

The contrast with cocoa, Ghana’s traditional economic backbone, is stark. International cocoa prices declined by 43.8% between December 2024 and October 2025, raising concerns about its sustainability and long-term export stability. Yet cocoa export earnings increased from US$1.9 billion to US$2.8 billion, a 45.36% rise and formed 12% of Ghana’s export revenue.

Understanding global commodity prices is critical because they directly determine how much foreign exchange Ghana earns. Higher export prices translate into increased revenues, which strengthen international reserves and, in turn, help stabilize the cedi. That dynamic has been clearly visible in 2025. The gold price boom injected substantial foreign exchange into the economy, easing pressure on the currency market and improving external balances.

The cedi, which closed 2024 at GH¢14.70 to the US dollar, appreciated to GH¢11.12 by November 2025, marking a rare 32.2% recovery.This appreciation coincided closely with the surge in gold export earnings and rising reserves. By September 2025, gross international reserves had increased to US$11.6 billion, providing a much-needed buffer against external shocks.

However, this gold-led relief comes with risks. Gold is among the world’s most volatile commodities, driven more by global geopolitical tensions, investor sentiment, and shifts in interest rates than by Ghana’s domestic economic fundamentals. A change in global risk appetite could cause prices to fall as sharply as they rose. Should that occur, Ghana’s export earnings, reserve position, and recent currency stability could quickly unravel.

Beyond macroeconomic risks, the environmental and social costs are mounting. Elevated gold prices appear to be intensifying illegal mining activities, commonly known as galamsey, which increasingly encroach on cocoa-growing areas. Rivers, farmlands, and forest reserves continue to suffer degradation as enforcement struggles to keep pace with the scale of illicit operations.

The current gold windfall therefore presents Ghana with a narrow but critical window of opportunity. It offers the fiscal and external breathing space needed to rebuild buffers, invest in economic diversification, and strengthen regulation across both the mining and agricultural sectors.

If underlying structural weaknesses remain unaddressed, this golden moment may ultimately be remembered not as a turning point, but as a temporary reprieve.Ghana’s economy is experiencing an unusual moment of relief and the lifeline is not cocoa or oil, it is gold. As global prices of the precious metal surged throughout 2025, Ghana unexpectedly found itself riding a mineral boom that has strengthened the cedi, boosted export earnings, and bolstered international reserves.

New data from the Bank of Ghana reveals that international gold prices rose from $2,641 per ounce in December 2024 to$4,054 in October 2025, representing a remarkable 53.5% surge. Realized prices, what Ghana actually receives, increased by 55.9% over the same period. This price increment transformed the country’s external accounts. Gold export earnings jumped from $10.3 billion at the end of 2024 to $15.2 billion by October 2025, making gold the dominant export, accounting for more than 65% of total receipts.

The contrast with cocoa, Ghana’s traditional economic backbone, is stark. International cocoa prices declined by 43.8% between December 2024 and October 2025, raising concerns about its sustainability and long-term export stability. Yet cocoa export earnings increased from US$1.9 billion to US$2.8 billion, a 45.36% rise and formed 12% of Ghana’s export revenue.

Understanding global commodity prices is critical because they directly determine how much foreign exchange Ghana earns. Higher export prices translate into increased revenues, which strengthen international reserves and, in turn, help stabilize the cedi. That dynamic has been clearly visible in 2025. The gold price boom injected substantial foreign exchange into the economy, easing pressure on the currency market and improving external balances.

The cedi, which closed 2024 at GH¢14.70 to the US dollar, appreciated to GH¢11.12 by November 2025, marking a rare 32.2% recovery.This appreciation coincided closely with the surge in gold export earnings and rising reserves. By September 2025, gross international reserves had increased to US$11.6 billion, providing a much-needed buffer against external shocks.

However, this gold-led relief comes with risks. Gold is among the world’s most volatile commodities, driven more by global geopolitical tensions, investor sentiment, and shifts in interest rates than by Ghana’s domestic economic fundamentals. A change in global risk appetite could cause prices to fall as sharply as they rose. Should that occur, Ghana’s export earnings, reserve position, and recent currency stability could quickly unravel.

Beyond macroeconomic risks, the environmental and social costs are mounting. Elevated gold prices appear to be intensifying illegal mining activities, commonly known as galamsey, which increasingly encroach on cocoa-growing areas. Rivers, farmlands, and forest reserves continue to suffer degradation as enforcement struggles to keep pace with the scale of illicit operations.

The current gold windfall therefore presents Ghana with a narrow but critical window of opportunity. It offers the fiscal and external breathing space needed to rebuild buffers, invest in economic diversification, and strengthen regulation across both the mining and agricultural sectors.

If underlying structural weaknesses remain unaddressed, this golden moment may ultimately be remembered not as a turning point, but as a temporary reprieve.

This is compared to US$553.6 million for the same period in 2024.

According to the Monetary Policy Committee of the Bank of Ghana, the trade surplus increased to US$7.5 billion. This is on the back of a surge in gold and cocoa export earnings.

Private inward transfers remained high at U$6.0 billion at the end of the third quarter.

According to the Bank of Ghana, the current account surplus, together with favourable balances in the capital and financial accounts, translated into an overall balance of payment surplus of US$1.8 billion and supported an accumulation of reserve assets to US$11.4 billion in October 2025. This is equivalent to 4.8 months of import cover.

Reserves are also projected to increase further by the year-end.

The Central Bank said the reserve accumulation efforts have helped provide a cushion for the currency, with the cedi strengthening against the major trading currencies.

In the year to 21st November 2025, the cedi recorded an appreciation of 32.2% against the US dollar.

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Speaking during the 2026 Budget debate, the Abura Asebu Kwama said the previous administration left behind a currency that had undergone severe collapse.

“Mr Speaker, the Ghanaian Cedi suffered a catastrophic collapse under the watch of our colleagues on the other side,” he stated.

He argued that the depreciation was not marginal but historic, and that by the time the former government exited office, the local currency had lost substantial value against major international currencies.

According to him, this level of currency weakness created ripple effects across the economy, affecting businesses, investors and ordinary citizens alike.

Mr Kwakye Ofosu revealed that some forex bureaus were selling the US dollar for GH¢17 when the Minority was leaving office.

“By the time they left office, you could buy a dollar at GH¢17 in some forex bureaus,” he said, describing the situation as clear evidence that the outgoing administration mismanaged the currency.

He emphasised that such a dramatic collapse could not be overlooked or rewritten in political debates, noting that exchange rate performance is a measurable indicator of economic health.

“Economic analysis relies on metrics that are not subject to interpretation or opinion,” he stressed, arguing that the Minority cannot escape responsibility for the currency’s depreciation.

The Minister concluded by urging the Minority to approach the budget debate with honesty about the condition in which they left the economy.

He said acknowledging the truth is essential for constructive economic decisions.

“The record speaks for itself, and they must accept the consequences of their own stewardship,” he noted.

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Speaking at the Cedi@60 celebration organised by the Bank of Ghana in Accra under the theme “Sovereignty, Stability, and Economic Resilience,” President Mahama commended the Bank of Ghana and the Ministry of Finance for their efforts in stabilising the currency.

“I just want to say that the governor and all your team at the BoG, the Ministry of Finance, Ghanaians are grateful to you for the management of our currency,” he said.

He expressed renewed confidence in the cedi, noting, “I think that a lot of respect has returned to our currency. And it’s my hope that you will keep whatever you are doing to make sure that we don’t have excess liquidity, all those technical jargons like open market operations, whatever.”

President Mahama encouraged the central bank and economic managers to sustain their policies, saying, “Whatever you are doing, continue doing so, so that the cedi is respected.”

The Cedi@60 commemoration marks six decades since Ghana introduced its national currency in 1965, replacing the Ghanaian Pound, a milestone that reflects the country’s continued pursuit of economic independence and resilience.

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The local currency has appreciated by over 29% against the American greenback in the retail market since the beginning of the year, and is on course to appreciate against the dollar for the first time in its history.

It is presently going for GH¢12.00 to one dollar at the forex bureau and selling at GH¢10.92 on the interbank market.

“We expect most major Sub-Saharan African currencies to remain broadly stable through quarter 4 2025 and into 2026, extending the calm observed year-to-date. Indeed, we anticipate only a slight weakening of the Ghana cedi, Zambia kwacha, Nigeria Naira and South Africa rand by the end of 2025

The UK-based firm is, however, predicting about 8% depreciation of the cedi against the US dollar.

It is therefore predicting GH¢11.70 on the interbank market by the end of 2026.

“While modest depreciation against the US dollar is likely in the coming quarters, currencies will remain far more stable than during the volatility experienced in 2023 and 2024”, it mentioned.

“We expect continued softness in the US dollar and robust risk appetite for emerging market currencies to add tailwinds to Sub-Saharan Africa forex.”

It continues that the price of gold will remain elevated due to policy uncertainty in the US, anticipated interest rate cuts by the Federal Reserve, and ongoing geopolitical tensions.

However, stronger reserves from high gold revenues, Bank of Ghana intervention and protecting export competitiveness will limit prolonged cedi gains.

Source: Joy Business

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In a feature titled “Cedi@60, Reflections of the Freight Forwarder,” the association described the cedi as “a currency that carries Ghana’s story” but warned that its current challenges require bold policy action and discipline across all sectors.

FFAG President, Francis Nyatepe-Attipoe, explained that the health of the cedi directly affects trade, logistics, and the cost of goods, stressing that freight forwarders “feel currency movements sooner than most.”

He identified exchange-rate volatility, dollar-based pricing, and port inefficiencies as key factors driving up shipping and clearance costs, fueling inflation, and weakening consumer purchasing power.

The association urged government and the Bank of Ghana to focus on five key priorities: ending routine dollar pricing for domestic logistics, accelerating port reforms, supporting non-traditional exports, providing foreign exchange risk management tools for forwarders, and ensuring greater transparency at the ports.

According to FFAG, stable ports, predictable policy, and disciplined pricing serve as “currency stabilizers,” not merely technical concerns.

The group pledged to support national stabilization efforts by training members in digital documentation, publishing quarterly logistics data, and promoting awareness of cedi-based invoicing.

“The cedi has traversed six decades of promise and pain,” Nyatepe-Attipoe said. “Stabilizing it is not the job of the central bank alone; it requires coordination, courage, and commitment from all actors in trade and finance.”

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Speaking on JoyNews’ AM Show, Mr. Poku argued that the recent reduction in petroleum product prices is not due to improved market fundamentals but rather a deliberate intervention by the central bank and the Ministry of Finance.

“It has never been the case where the Bank of Ghana is doing the semantics they are doing to forcefully keep the dollar at a certain price when in reality we know they are using a lot of resources to do that,” he said.

The latest petroleum pricing window, effective November 1, is expected to see petrol prices fall by about 5.2% and diesel by between 6% and 8%, according to a report by the Chamber of Oil Marketing Companies (COoMAC).

Mr. Poku, however, believes the drop is temporary. He warned that maintaining the exchange rate below its realistic market value — around GH¢12.40 to GH¢12.50 per dollar — is unsustainable and could worsen the country’s fiscal deficit.

“For me, the cost of what the Bank of Ghana and the Ministry of Finance are incurring is huge because already we have a $21 billion hole in the budget due to this currency situation,” he explained.

He added that pegging the cedi artificially low also affects government revenue collection, particularly at the ports, since import duties are calculated based on foreign exchange values.

“Since the FX value has been made low, it’s also affecting GRA’s receivables from the ports,” he noted, adding that the Ghana Revenue Authority (GRA) has been struggling to meet its revenue targets as a result of the government’s approach to managing the exchange rate.

Mr. Poku further cautioned that with winter approaching, international fuel prices could rise again, putting additional pressure on the cedi and potentially reversing the current price gains at the pump.

He urged the government to adopt a more transparent approach to managing the exchange rate and fuel pricing system to prevent future fiscal shocks.

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The Bank of Ghana on Tuesday, October 28, 2025, launched a year-long commemoration of the milestone at the Accra International Conference Centre under the theme, “60 Years of the Cedi: A Symbol of Sovereignty, Stability, and Economic Resilience.”

Speaking on the floor of Parliament, Second Deputy Minority Whip, Jerry Ahmed Shaib, said all leaders who have played a role in strengthening the Cedi deserve to be acknowledged.

“I want to look at it from the angle that whoever has contributed to the proper evolution of the Cedi must be commended and celebrated. We have a list of names, and President Mahama is one of them, but anybody who has been president since the inception of the Cedi must be commended,” he stated.

He further stressed that former President Nana Addo Dankwa Akufo-Addo, who served for eight years, should be recognized as a major contributor to the Cedi’s stability.

Speaking at the launch of the 60th anniversary of the cedi in Accra, Dr Forson cautioned against the growing trend of pricing goods and services in foreign currencies, particularly the US Dollar, describing it as a practice that undermines the stability and integrity of the cedi and Ghana at large.

“Let me use this opportunity to once again stress that as Ghanaians, the Ghana Cedi remains the only legal tender; the US dollar is not our currency; the Cedi is our only currency,” he said.

He emphasised that trading in foreign currencies fuels exchange rate pressures and weakens confidence in the domestic economy.

“The continued pricing of goods and services in the US dollar will only hurt us; let’s stop it and let us stop it now.”

The minister, therefore, called on all citizens, traders, and institutions to demonstrate patriotism by supporting the cedi and reinforcing its use in daily economic activity.

“The Cedi is the only currency we have, let us protect it, let us trade with it and let us defend it with all vim within us. Let us talk about the Cedi with pride not as a burden.”

Source: Albert Kuzor  

Speaking at the Cedi@60 celebrations in Accra, the Vice President said rebuilding trust in the Ghanaian currency requires coordinated efforts between the central bank, financial institutions, and the private sector.

“The Bank of Ghana must continue to work closely with banks, businesses, and market players to strengthen stability and rebuild confidence in the Cedi,” she said.

She noted that while recent data shows encouraging signs of recovery including a stronger Cedi and easing inflation the gains must be consolidated through discipline and partnership.

The Vice President also called on the Ministry of Finance to uphold strict fiscal responsibility, noting that prudent public spending and debt management remain critical to sustaining macroeconomic stability.

“The Ministry of Finance must continue to uphold fiscal responsibility. Monetary stability can only be effective when supported by sound fiscal policies,” she added.

Professor Naana Opoku Agyeman commended the Bank of Ghana for its decisive policy measures in recent years, which have helped curb inflation, stabilize the Cedi, and restore investor confidence.

She said government remains committed to working with the central bank and other economic actors to build a resilient, self-reliant economy capable of withstanding future shocks.

Source: James Eshun   

Speaking on Joy FM’s Super Morning Show, he said key economic indicators such as inflation, interest rates, and fiscal deficit are trending in the right direction — helping to support the cedi’s performance.

“I think the cedi has relatively stabilised and confidence in holding the currency has really increased,” Prof. Quartey stated.

He explained that the government’s efforts to reduce overspending and maintain a “decent deficit” while stimulating sustainable economic growth are contributing to the positive outlook.

The ISSER economist also praised the Bank of Ghana for its active communication and engagement efforts, which he believes help strengthen public trust in monetary policy.

“You need to get people to have confidence in the economy and confidence in the cedi,” he said, recommending that financial education be extended to young people, similar to practices by the Bank of England.

This year marks 60 years since the introduction of the Ghana cedi as a symbol of national sovereignty and economic resilience. The celebration has revived discussions about ensuring long-term currency stability.

With the cedi expected to end the year appreciating against the US dollar — a rare occurrence since the redenomination in 2007 — Prof. Quartey noted that there is hope for sustained progress but emphasised the need to “continue building confidence” in the local currency.

Source: Caleb Ahinakwah  

This was supported by improved market sentiment and steady central bank interventions.

It appreciated to GH¢10.85 per US dollar (+9.68%), GH¢14.42 per pound (+10.00%), and GH¢12.61 per euro (+9.16%) on the interbank market.

Retail market activity reflected similar momentum, with the cedi advancing 6.53% against the US dollar to close at GH¢12.25 from GH¢13.05, 5.54% against the pound to GH¢16.25 from GH¢17.15, and 5.26% against the euro to GH¢14.25 from GH¢15.00.

Over the past two weeks, the cedi has clawed back most of its losses as enhanced foreign exchange liquidity from the central bank has eased negative sentiment, likely triggering sell-offs by some market participants to unwind earlier high positions.

This corrective reaction most likely fuelled the sharp appreciation.

“In the coming weeks, we expect relative stability following the release of pent-up market momentum. Sustained foreign exchange inflows and renewed confidence ahead of the budget presentation should anchor this outlook. With gold’s reclassification as a top-tier liquidity asset under Basel III ‘Endgame’ reforms and shifting reserve preferences among central banks, confidence in hard assets has strengthened,” Databank Research said.

Together with the expected US$385 million disbursement in December 2025, its near-term outlook for a stronger cedi remains firm.

Meanwhile, the local currency started this week recording some further gains against the US dollar.

It is going for GH¢12.10 to one American greenback in the retail market.

Its year-to-date gain stands at 28.84% to one US dollar.

Source: Joy Business

The event, themed “60 Years of the Cedi: A Symbol of Sovereignty, Stability and Economic Resilience,” marks six decades since the introduction of Ghana’s national currency, the cedi.

The anniversary seeks to highlight the cedi’s role in Ghana’s economic journey, emphasizing its significance as a symbol of national pride and sovereignty.

The celebration is expected to bring together policymakers, economists, and industry players to reflect on the evolution of the Ghanaian currency and its contribution to the country’s economic development.

Source: AdomOnline

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Speaking in Washington DC during the ongoing IMF/World Bank Spring Meetings, he said his clear mandate is to achieve price and financial stability, and that after eight months in office, he believes the country is on course.

He said one of the biggest challenges confronting the economy is dollarisation, a problem he has observed throughout his 30-year career in central banking.

According to him, the widespread use of foreign currency undermines the effectiveness of monetary policy and weakens confidence in the cedi.

“I’ve seen this for many years. I started central banking some 30 years ago. The phenomenon has been there, and so we are tackling it to make the local currency the sole legal tender,” he said.

Dr Asiama disclosed that on October 28, the Bank of Ghana will mark the 60th anniversary of the cedi in an event dubbed “The Cedi at 60.” 

He said the celebration will symbolise a new beginning for Ghana’s currency regime.

“We want that to mark a new beginning, because when we use the local currency in all transactions, that enhances the efficiency of monetary policy,” he said.

“It’s one of the things I would want to be remembered for, that I came, I solved that problem, I made the local currency the currency of choice.”

Beyond currency stability, Dr Asiama said his vision is to modernise the central bank to effectively manage emerging risks in the financial ecosystem.

He noted that the banking landscape has changed dramatically from when he began his career three decades ago.

He cited fintechs and cryptocurrencies as new realities that must be managed carefully to preserve financial stability.

“We do not have fintechs those days, but I believe that if not handled properly, fintechs, for example, that area could be an area where a risk could emerge going forward. And so we are, you know, looking at that industry well. We are mending the legislation there as well,” he said.

On digital assets, Dr Asiama acknowledged that cryptocurrencies pose another challenge for modern central banks.

He emphasised the need for a forward-looking institution that can adapt to any emerging threat or innovation.

“What I want to see is a central bank that is ready and able to adapt. It is critical today. It could be something else tomorrow. It could be anything. Who knows, but we should have the manpower, we should have that agility, we should have the balance sheet to be able to contend with any of these risks as they emerge in the future,” he said.

For Dr Asiama, his defining legacy will not only be about achieving monetary stability but also about creating a resilient, adaptive, and innovative central bank prepared to meet the demands of a rapidly changing financial world.

Source: Abubakar Ibrahim

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• Aggressive cedi strengthening is at a great cost to the nation – Prof. Bokpin

Speaking in an interview on Joy FM’s Newsnight, Prof Bokpin described the strengthening of the cedi as “a great cost to the country.”

He warned that the policies and interventions sustaining it are eroding private sector competitiveness and threatening environmental sustainability.

“We are achieving this aggressive strengthening of the currency at a great cost to the country.

“In a certain stance, we are reminded to aggressively deal with illegal mining because we suspect there could be a structural break in the supply of gold.

“People are dying, and we are destroying our water bodies—all because 32 million people are obsessed with a low exchange rate.”

According to him, while the Bank of Ghana’s interventions have helped to stabilise the cedi, they have come at the expense of credit availability and growth.

“If you track the data, you’ll notice that the level of stabilisation the Bank of Ghana has done runs into billions of cedis. That credit, which could have been available for businesses to borrow at low cost, expand, and create jobs, is no longer available,” he explained.

Prof Bokpin cautioned that such an approach undermines long-term economic resilience and stifles private sector growth.

“What that means is that we are having this aggressive strengthening at a great cost to private sector competitiveness,” he stressed.

He urged policymakers to balance currency stabilisation efforts with strategies that promote sustainable economic growth, protect the environment, and ensure that fiscal and monetary policies do not choke private sector recovery.

His comments come after the Ghana cedi recorded one of its biggest gains against the dollar since the third quarter of 2025.

Data from major commercial banks seen by Joy Business show that between October 6 and October 10, 2025, the cedi appreciated by about 5% on the interbank market.

This marks the first time since the third quarter of 2025 that the cedi has posted such sharp gains against the U.S. dollar.

Source: Emma Ankrah

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The celebration, which was initially planned for August, was suspended after the helicopter crash in the Ashanti region that claimed eight lives.

A statement issued by the central bank said as part of the activities to mark the 60th anniversary of the cedi, there will be a national launch ceremony at the Accra International Conference Centre with President John Mahama as the Special Guest of Honour.

There will also be a Cedi Van Regional Roadshow, exhibitions, education, and outreach, as well as public education campaigns on clean note handling, currency security features, and history of the currencies since independence.

In addition the Bank of Ghana will organize currency conference featuring stakeholders from central banks across the world, academia, and the private sector.

“The Cedi@60 anniversary presents a strategic opportunity to reflect on six decades of monetary sovereignty, engage the public on the history and future of the currency, and promote pride in Ghana’s financial and cultural identity.

It is also an occasion to strengthen policy literacy, promote the Bank’s Clean Note Campaign, and inspire the next generation to appreciate and protect the integrity of the cedi”, the statement said..

Background and Rationale

On July 19, 1965, Ghana officially adopted the Cedi as its national currency, symbolizing economic independence and the country’s transition from colonial rule.

Since its inception, the Cedi has undergone significant reforms, redesigns, and policy evolutions, serving as both a monetary instrument and a national emblem of resilience, self-determination, and progress.

Source: Joy Business   

With a year-to-date gain of 20%, the World Bank pointed out that the local currency was buoyed by tight fiscal and monetary policy, rising export revenue, and improved market sentiment.

During the same period in 2024, the cedi had lost about 19% to the American greenback.

The second-highest currency in Africa this year is the Zambian kwacha, with a year-to-date appreciation of 16%.

The World Bank said addressing barriers to structural transformation and prudent fiscal management will help sustain the gains in both currencies.

The weaker currencies in Africa in 2025 are the South Sudanese pound and the Ethiopian birr. They have done year-to-date reductions in value that exceed 10%.

The cedi has appreciated by 21.0% against the US dollar in nine months of 2025.

However, the local currency lost about 19% in value between late July 2025 and September 2025, after recording 40.5% appreciation as of July 2025.

According to the Bank of Ghana’s September 2025 Summary of Economic and Financial Data, the cedi traded at GH¢12.15 to one US dollar on the interbank market. However, in the retail market, the cedi is going for about GH¢13.60 to one American greenback.

Source: Joy Business

The group says some importers are under-declaring cargo to evade duties, flooding markets with foreign products.

The cedis has in recent times seen a significant appreciation against major trading currencies like the US dollar.

However, the gains are presenting a new challenge of import influx, threatening the survival of the local business community.

Speaking at the annual general meeting of the AGI in the middle belt, Chief Executive Officer of the association, Seth Twum Akwaboah observed the challenges the fluctuating currency presents to businesses.

“Even though we appreciate the significant gains of the cedi, we must pay attention to the influx of imported goods. When these imports become cheaper, then the local companies cannot compete. They begin to lose market share,” he said.

Mr. Akwaboah is urging enhanced surveillance and tax policy enforcements at Ghana’s ports of entry as he believes the new development could defeat the government’s flagship 24-hour economy.

“We think that this is the time the government policy and institutions of regulators must work. While they are bringing the imports, some persons are taking advantage of interest in the imported goods and actually maneuvering – not paying the right duties, they’re undervaluing and under-declaring. They are cheating the system,” he noted.

The annual general meeting of the Association of Ghana Industries assembled small, medium and large-scale businesses in the Ashanti, Bono, Ahafo and Bono East regions.

The meeting highlighted the theme “Creating a Conducive Business Environment for Industrial Competitiveness: 24 Hours in Perspective.”

Ashanti Bono Ahafo and Bono East Regional Chairman of the Association of Ghana Industries (AGI), Akwasi Nyamekye,
underscored the urgent need for a more conducive business environment to sustain Ghana’s industrial growth.

He stressed that this focus could not have been timelier, given the global disruptions, rapid technological changes and the increasingly competitive markets industries are forced to navigate.

“Industrial competitiveness does not happen by accident. Instead, it requires deliberate policy, smart investment, and strong collaboration between the public and private sectors,” he noted.

The event held in collaboration with the Mastercard Foundation saw the opening of a trade fair, attracting local SMEs and patrons from the region.

Access to finance remains one of the major challenges confronting the local business community despite contributing approximately 70% of Ghana’s gross domestic product (GDP).

Mr. Nyamekye lamented the high interest rates continue to stifle local industry and appealed to financial institutions and regulators to design tailored products for manufacturers, especially SMEs, with affordable rates and longer repayment periods.

“Ghanaian industries still grapple with high costs of credit, unreliable power supply, multiplicity of taxes, and limited access to skilled labour,” he stated.

The AGI reaffirmed its commitment to remain the voice of industry while working closely with government and international partners to accelerate industrial growth.

Source: Emmanuel Bright Quaicoe

However, the local currency lost about 19% in value between late July 2025 and September 2025, after recording 40.5% appreciation as of July 2025.

According to the Bank of Ghana’s September 2025 Summary of Economic and Financial Data, the cedi traded at GH¢12.15 to one US dollar on the interbank market.

In May 2025, the local currency gained 43% in value to the American greenback since January 1, 2025.

Similarly, the cedi appreciated by 42.6% against dollar in June 2025 and 40.5% in July 2025.

It also appreciated by 6.9% to the euro on the interbank market in September, going for GH¢14.23. However, it lost a huge value between July and September 2025.

For the pound, the cedi also gained 11.8% in value. It consequently sold at GH¢14.23 on the interbank market.

Cedi Remains One of Best-Performing Currencies

Despite the recent setback, the Bank of Ghana Governor, Dr. Johnson Asiama, said the cedi remains one of the best-performing currencies in the world, highlighting the usual seasonal trade pressures and a recent dip in remittance inflows.

Opening the Monetary Policy Committee (MPC) meeting on Monday, September 15, 2025, Dr Asiama acknowledged that remittances have not been as robust as in previous years.

Cedi Near Term Outlook

Meanwhile, analysts expect the cedi to record a modest stability as positive sentiment builds on the back of the World Bank’s US$360 million concessional loan.

This will come amid stronger forex support further anchoring this outlook.

However, the upcoming Monetary Policy Committee decisions, particularly a cautious US rate cut to address softening labour data, will be pivotal in shaping US dollar Ghana cedi sentiments.

Source: Joy Business

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Speaking on Joy FM’s Super Morning Show today, September 16, the Professor of Finance at the University of Ghana Business School assured that the situation is “not out of control” and urged Ghanaians not to panic.

According to him, the cedi’s rapid gains in the first half of the year had “jumped the gun” and gone “far ahead of the recovery,” making a correction inevitable.

He described the cedi’s performance in the first half of 2025 as unprecedented, noting that by the end of June the currency had appreciated by 42.6% against the US dollar, 30.3% against the British pound, and 25.6% against the euro. This was in sharp contrast to the same period in 2024, when the cedi depreciated by 18.6%, 17.9%, and 16.0% respectively.

Prof. Bokpin’s analysis comes amid a mix of positive economic indicators. Provisional data from the Ghana Statistical Service shows that the economy grew by 6.3% in the second quarter of 2025, up from 5.7% in the same period last year. He explained that growth is “broadening” across sectors but cautioned that it is still emerging from “a state of low productivity” and has yet to trigger a structural transformation.

The ICT sector was identified as the main driver of growth, expanding by a robust 21.3% in Q2.

On inflation, Prof. Bokpin pointed to a sharp decline from 23.8% in December 2024 to 11.5% in August 2025—the lowest rate since October 2021. This, he said, reflects the effectiveness of fiscal consolidation measures, with 2025 marking the eighth consecutive month of disinflation.

He further explained that the cedi’s sharp appreciation earlier in the year had encouraged speculative activity, which is now unwinding. The Bank of Ghana, he added, has been “stepping strongly” to stabilise the currency.

Prof. Bokpin concluded that the current depreciation is a natural market correction, not a sign of economic failure. He expressed confidence that the cedi will stabilise as government continues to strengthen fiscal discipline and maintain disinflation.

Source: David Apinga

In an exclusive interview on Joy FM on Monday, September 16, Prof. Bokpin urged Ghanaians to remain calm and focus on the country’s economic fundamentals, describing the Cedi’s recent volatility as a natural market phenomenon.

“We have our peak period and then we have our low period as well. In the peak period, when we experience what we call cash flow mismatch in terms of inflows and outflows… businesses import in anticipation of Christmas and all of that. So the demand will pick up,” he explained, adding that rising government spending is also likely to put pressure on the currency.

The Cedi’s performance this year has been a story of two halves. In the first half, it staged a remarkable comeback, appreciating by about 40.5% against the dollar by the end of May. This surge, its strongest in years, was driven by improved investor sentiment, a robust disinflationary trend, and a successful debt restructuring programme.

However, Prof. Bokpin cautioned that such rapid appreciation was unsustainable, noting that the currency had “jumped the gun” and raced ahead of the real economy.

He also pointed to a troubling “wide divergence” in exchange rates across the formal banking sector, forex bureaus, and the black market, warning that this gap fuels speculative activity. “The divergence is too wide,” he said, calling on the Bank of Ghana to act to ensure transparency.

Prof. Bokpin further cautioned against the national fixation on daily exchange rate movements. “I get a bit concerned because every now and then, if you look at extreme rate discussions and you do a market survey, it’s more or less dominating our economic discussions much more than anything else, and I think that is not good enough,” he stressed, urging a shift in attention to the real sector.

Despite the volatility, Ghana’s macroeconomic data offers reasons for optimism. Inflation dropped to 11.5% in August 2025—its lowest since late 2021—while GDP growth hit 6.3% in the second quarter, buoyed largely by the services sector.

These indicators, Prof. Bokpin said, suggest Ghana has “exited the peak of our crisis recovery,” with current fluctuations being part of a normal, though complex, market adjustment.

Source: David Apinga

Speaking at his maiden media encounter on Wednesday, September 10, he recalled how some Ghanaians questioned whether the exchange rate would drop below ¢10.

“There was one occasion where I said people were asking whether it will go below ¢10, and I said, it is dropping, but it will find its true value.

“It was undervalued at ¢16, and it probably is overvalued at 10, but somewhere between there we have the real value of the cedi.”

He stressed the focus must be on halting sharp depreciation. “I believe that it is about stopping the rapid depreciation of the currency.

Almost every currency would realise either depreciation or appreciation in the course of a year. But when you have steep depreciation of about like we had in 2024, 25% depreciation in the currency in the first half of the year, it makes planning difficult.”

Mr Mahama noted that the Bank of Ghana’s intervention and subsequent withdrawal from the forex market triggered unintended consequences.

“Because of the rapid appreciation in the value of the cedi, we saw an exponential increase in imports, because then people could buy cheaper dollars, and so they could import more, which is a natural economic phenomenon.

But on the other side, exporters are not happy, because they get fewer cedis for what they export. And so every country tries to find a balance where exporters can do good business and importers are not overburdened by high forex rates.”

He admitted the central bank has the responsibility to maintain that balance, but pledged that under his watch, depreciation will be controlled.

“Where that lies, I don’t know. I’m not a central bank, but the cedi is making an adjustment, and I believe that it will settle at a certain rate, and we will make sure that any depreciation that occurs in the value of the cedi is within a margin of about 5% per annum. That is what we target.”

He linked part of the problem to a sharp fall in remittances.

“It also coincided with a period where we saw a reduction of 50% in remittances, because citizens in the diaspora were taken aback by the rapid appreciation of the cedi.

And so if somebody was building a house, if he was going to send $100,000, it meant that he was losing a certain percentage of that 100,000 and most of them would decide to adopt a wait-and-see attitude.”

The president also revealed troubling findings from investigations into foreign exchange transactions.

“There were some money transfer companies that were collecting dollars abroad and not repatriating the dollars.

“There were other cases where people applied through the commercial banks for foreign exchange to cover imports, and those monies are transferred to pay for imports, but the imports never came into Ghana.

“And we’ve studied for a period of four years. And every year over the period of four years, about $42 billion was taken out of this country without the corresponding imports coming into the country.”

He said sanctions are underway.

“We started sanctioning some banks, and soon will start interrogating some individuals who ostensibly took money out against imports, but never brought those imports. We want to know what happened and if there was wrongdoing, to sanction whoever it is.”

Mr Mahama insisted that protecting the currency is a collective duty.

“While we work to stabilise our economy and improve the value of our currency, we must protect that currency, because a good, strong cedi is good for all of us.

“But when that happens, some people try to take advantage of it, and I think that we should all condemn anything like that.”

Source: Myjoyonline

This follows strong corporate demand and tight foreign exchange supply. The Bank of Ghana has been moderate on the foreign exchange market with supply lower than in May, June and July 2025.

Some analysts attribute the cedi’s recent performance to the Bank of Ghana’s curb on foreign currency cash withdrawals, which were not backed by equivalent foreign currency deposits.

Liquidity has been tight on the foreign exchange market as the market continues to correct itself.

As of Friday, September 5, 2025, the local currency was going for c12.90 on average at the forex bureau, but has since surged to GH¢13.10.

Some analysts warned that this trend may continue if the forex supply is not increased.

Bloomberg reported on September 4, 2025, that the local unit weakened by 13% so far in the third quarter of 2025.

That erased some of the cedi’s 50% gain that was underpinned by a stronger bullion price and saw it ranked as the world’s best performer in the three months through June.

On the interbank market, the local currency is going for GH¢12.10 against one American greenback

UK-based Fitch Solutions had earlier revised its end-of-year forecast of the cedi-to-dollar at GH¢13.0, from its previous projection of GH¢15.5 to one American greenback

It is also forecasted a 12.9% appreciation against the US dollar in 2025.

Source: Joy Business

The Bloomberg published a story titled “Ghana Cedi’s World-Beating Performance Upended by Imports Surge”. The story indicated that the Ghanaian currency, which had recently been performing well against the dollar, is now recording losses.

This, according to the story, was because of a surge in demand for dollars by companies paying for imports.

However, checks by Fact-check Ghana from Bloomberg indicate that the Ghana cedi is not the worst-performing currency in the world now.

According to Bloomberg, the year-to-date gains of the Ghana cedi, which was in June this year around 50% against the dollar, have indeed been reducing. The cedis’ gains waned through July and August.

Currently, according to Bloomberg’s currency ranker, the Ghana cedi has a net gain of 21.99% against the dollar. At 21.99%, the cedi is the second-best-performing currency in the world, after the Russian ruble.

Which currency is the worst-performing currency?

The worst-performing currency, according to Bloomberg’s currency ranker, is the Argentine Peso, which has a net loss of 24.33 against the dollar since January 2025. The Turkish lira and Ethiopian Birr follow with net losses of 14.11% and 10.66%, respectively.

The Ghana cedi is therefore not among the list of worst-performing currencies.

Fact-check Ghana has observed that Graphic Online edited its initial headline of the Ghana cedi being the world’s worst-performing currency to the worst-performing currency in the third quarter.

The Ghana cedi has indeed lost about 13% of its gains to the dollar, which is relatively the highest loss since July.

While it is true to say the cedi has relatively lost considerable value within the period of consideration, the currency is still among the highest-performing currencies at a net gain of 21.99% and cannot be counted among the worst-performing currencies in the world currently.

In conclusion, claims that the Ghana cedi is the worst-performing currency in the world now are completely false.

Source: FactcheckGhana

Then came the surprise. Between April and May the cedi shot up, strengthening from GH₵15.50 to GH₵10.30 in just five weeks.

From May through July and into early August it stayed stable again, hovering between GH₵10.3 and GH₵10.5. But by mid-August the tide had turned. In only three weeks, it has slipped to GH₵11.90, making it one of the worst-performing currencies in the third quarter of 2025.

External conditions have not changed much. In fact, they should still be in Ghana’s favour. Gold prices are at record highs, the U.S. dollar remains subdued, and the Federal Reserve is expected to cut interest rates soon—moves that normally support the cedi. The pressure is instead domestic.

Remittances, which are a critical source of foreign exchange, appear to have slowed. The earlier strength of the cedi distorted the incentive.

For instance, if someone abroad sent $100 in April, that converted into about GH¢1,550, enough to buy roughly 150 cement blocks. By May, the same $100 fetched just GH¢1,030, barely enough for 100 blocks.

With their dollars suddenly buying fewer goods in Ghana, many senders simply held back, betting that the cedi would weaken again. If it did, their transfers would convert into more cedis.

This pause in inflows removed a steady cushion of dollars from the market just as import demand was rising.

Imports have also surged because traders rushed to take advantage of the stronger cedi to stock up ahead of the festive season, adding to the pressure.

At the same time, there are signs the Bank of Ghana has cut back its dollar supply to the market.

Why scale back? The reasons are not fully clear, but there are strong clues.

The IMF had warned earlier this year that the Bank of Ghana was intervening too heavily after it injected about $1.4 billion into the market in the first quarter of 2025.

In response, the Bank pledged to introduce a formal framework for forex interventions by the end of September. The recent slowdown in interventions may be a trial run ahead of that policy rollout.

Another factor may be the wide gap between the interbank and forex market rates. While the cedi traded at around GH¢10.30 to the dollar on the interbank market, it was consistently between GH¢11 and GH¢12 at forex bureaus.

Allowing some depreciation on the official side may be a way to bring the two markets into alignment, since the parallel rate divergence was distorting the market.

Meanwhile, the Bank has also tightened its regulations: reminding businesses that pricing in dollars is illegal, enforcing declaration requirements for travelers, blocking firms from withdrawing foreign currency they never deposited, demanding stricter documentation before importers can access forex, and clamping down on remittance operators who sidestep regulations.

The cedi’s performance so far in 2025 has been remarkable, though the recent slip is a reminder of how fragile sentiment can be. Whether stability holds will depend less on global winds than on how firmly the Bank of Ghana sticks to its new playbook.

For now, with gold prices still hovering around $3,500 per ounce and foreign reserves above $11 billion, the Bank of Ghana has the firepower to steady the market.

Panic may be premature.

Source: Caleb Wuninti Ziblim, JoyNews Research | caleb.ziblim@myjoyonline.com 

It declined in value by 6.58% against the US dollar, 6.20% against the pound, and 6.51% against the euro, to close trading at GH¢11.40, GH¢15.40, and GH¢13.34, respectively.

In the retail market, the cedi depreciated by 5.80%, 5.44%, and 4.53% against the dollar, pound sterling, and euro, respectively, settling at mid-rates of GH¢12.50/US dollar, GH¢16.55/pound, and GH¢13.35/euro.

On a month-on-month basis, the cedi slipped by 7.89% to the dollar, with the Year-To-Date gains trimming off to 28.95% from 40% recorded in July 2025.

“Mirroring our expectation, strong corporate demand pressures amid thin FX [foreign exchange] support and a resilient US dollar intensified nominal depreciations of the cedi”, Databank Research revealed.

Heightened expectations, driven by adverse regulatory tightening and weaker forex flows, further fuelled the weak trend.

“We expect mounting bids in the near term as importers prepare ahead of the festive season, sustaining pressure on the local currency. BoG’s tighter measures to curb FX [foreign exchange] leakages may take time to filter through, with any potential rebound by fortnight end contingent on stronger FX support, expectations of a Fed rate cut, and the US$ 4billion inflows to support cocoa purchases”, Databank Research added.

Meanwhile, the cedi started trading this week unchanged at GH¢12.70 (mid-rate: GH¢12.50) to one dollar.

Source: Joy Business

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This, he says, is based on some drastic measures that the Bank of Ghana has implemented to deal with the current challenge with the cedi over the past months.

Dr Johnson Asiama disclosed this in an interview with JOY BUSINESS in response to recent pressure on the Ghana cedi.

The governor described this challenge as a short-term “cash flow” problem, which the regulator believes, with some of the actions taken so far, the expected correction will happen soon.

He added that “the Bank of Ghana operates a managed floating system in terms of framework; therefore, these blips will happen, but the assurance is that this is a short-term issue and the challenges are being addressed.”

Dr Asiama was also of the view that some of these sudden demand pressures have been influenced by the cedi’s sharp appreciation, which has made it a little bit cheaper to import for some of these businesses.

Background

The Ghana cedi has come under some pressure over the past month, due to what some market participants describe as a limited supply of dollars on the market.

The developments have seen the cedi move from around 10 cedis 40 pesewas to a dollar to over 11 cedis in terms of quotes by some of the major commercial banks in the country.

The Bank of Ghana, on the other hand, has moved fast to try and enforce its market regulations to deal with this challenge.

Some of these measures have also helped in dealing with inflow challenges and leakages, especially when it comes to remittances, for which the Central Bank says some correction is taking place.

Regulatory Interventions and Cedi’s Outlook

The Bank of Ghana has scaled back on its forward dollar auctions over the past two months.

The developments resulted in some arguing that the regulator has “run out of dollar cash” to support the market.

But speaking to JOY BUSINESS in an interview, the Governor insisted that this is not the situation on the ground, adding that “we have adequate and enough reserves to support the market”.

“Let me be clear, we are not running out of dollars, adding that the gap between market rates and official rates are being driven by bad market practices,” he maintained.

Dr Asiama was, however, quick to add that the Bank of Ghana always plays a supporting role, rather than being the sole supplier of foreign exchange for the market to aid liquidity.

“We have also taken measures to ensure that liquidity improves in the market together with getting the interbank market to function adequately,” Dr Asiama stated.

“The interbank market is supposed to take care of itself in terms of inflows from trade and remittance,” the governor added.

The Governor also noted that some remittance companies have been “offshoring Foreign Exchange instead of bringing it home and we have identified these loopholes and shutting it down”

“Some payment service providers have been experimented with crypto and offshore settlement models” he noted.

“While innovation is welcomed, such practices must not weaken the cedi and we will move regulate these activities within the law,” the governor has affirmed.

Dr Asiama assured that his optimism about things turning around soon is based on the fact that the “current macroeconomic situation is sound and solid, which should impact on the cedi’s fortunes going forward.”

The Governor also pointed out, “We should remember that Ghana is under an IMF programme, and we are watching our reserves carefully, especially when it comes to our market interventions.”

“So we can be assured that as far as the IMF programme is concerned and Ghana reserves, we are okay,” Dr Asiama established.

Source: Joy Business

She urged government and economic stakeholders to move beyond rhetoric and implement lasting solutions.

Speaking on The Pulse on JoyNews on Tuesday, August 26, the former minister acknowledged that the current administration had maintained aspects of the economic framework laid by the New Patriotic Party (NPP) before leaving office.

She credited the present government with continuing the momentum built by her party, which she believes has contributed to current signs of sustained economic growth.

“When the NPP was leaving power, we had built the economy to a point where if they should pick it up and ride on the back of that, they would see some positives in the economy and I think they listened,” Osei Asare remarked.

“They picked up from where we had left off with the positives, and now we are seeing some sustained growth in things.”

However, she cautioned that these gains are being undermined by the persistent weakness of the national currency.

“That notwithstanding, the cedi is still wobbly,” she stated. “And I think it should not be mere talk a lot of work should go into it. All the stakeholders should make sure we ground the cedi firmly.”

Source: myjoyonline

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Checks by Joy Business show that while some banks are selling the dollar as high as GH¢11.30, others are quoting GH¢11.00.

However, the Bank of Ghana’s official rate as of yesterday pegged the dollar at GH¢10.90, while forex bureaus are selling around GH¢12.20.

Despite the recent pressures, a Databank Research report indicates that the cedi remains Africa’s best-performing currency against the dollar, appreciating about 36% year-to-date, though this is down from over 40% earlier in August.

Rising Demand, Limited Supply

Commercial banks attribute the pressure to the limited dollar supply from the Bank of Ghana alongside strong demand. Businesses are seeking dollars to finance Christmas imports, while others are buying in anticipation of future scarcity.

Data also shows that the central bank has scaled back supply through its forex auctions. Earlier this month, commercial banks demanded over $300 million, but only $100 million was supplied.

A report by IC Securities further revealed that forward sales in July 2025 fell by 53.6% compared to June, with the Bank of Ghana absent from the market on July 25 and 29 — the first time since April.

Response from Banks and BoG

Chief Executive of the Ghana Association of Banks, John Awuah, says banks are working with the central bank to address supply challenges and back recent regulatory measures to promote the cedi as the preferred transaction currency.

One such measure is limiting large foreign exchange withdrawals not backed by deposits.

The Bank of Ghana has acknowledged the recent pressure but rejects claims of a dollar shortage. Officials say some demand is speculative or not linked to genuine business needs.

The central bank insists it has sufficient reserves and will continue to intervene strategically, guided by data rather than sentiment.

BoG has also ruled out directly fixing the exchange rate, stressing that fluctuations are normal so long as they remain within control.

It points to new measures, including a crackdown on remittance inflow leakages, which are beginning to show positive results after sharp declines in April.

Source: Joy Business 

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Speaking at the Ghana Presidential Investment Forum on the sidelines of the 9th Tokyo International Conference on African Development (TICAD IX) on Wednesday, he said Ghana has restored macroeconomic stability and improved investor confidence.

“For those of you who know the history of the Ghanaian cedi, it’s been one of the most volatile currencies in Africa, and a few years back, we were said to be the worst-performing currency.

“I’m happy to announce that this year, the Ghana cedi has been the best-performing currency in the world,” he stated.

He pointed to falling inflation, recent sovereign credit upgrades, and wide-ranging reforms aimed at lowering the cost of doing business as clear signs of Ghana’s turnaround.

“Inflation rose to a high of almost 23% in 2024 and it’s currently down to 13.7% and we expect that by the end of the year to hit single digit.

“And as Simon said, we’ve been upgraded from junk status to B minus with a stable outlook, and I’m certain that in the next review, we’re going to be upgraded again,” he said.

Mahama positioned Ghana as a stable, democratic, and business-friendly hub in West Africa, stressing its role as host of the African Continental Free Trade Area (AfCFTA).

“So far, almost 50 African countries have signed agreements that allow us to export duty-free, tariff-free into each other’s markets. And once you register your product and it meets all the standards, you can export duty-free and tariff-free into each other’s markets,” he explained.

He added that Japanese investors could access a potential continental market of 1.4 billion people.

The former president highlighted recent reforms to attract more foreign investment, including changes to the Ghana Investment Promotion Centre Act.

“Some barriers were put to foreign investment. You had to prove that you had brought in a certain amount of money to be classified as a foreign investor. In the reviewed Ghana Investment Promotion Center Act, we are removing those minimal capital investments.

“This will enable any investor, however little money you have, $100,000 or $50,000, to be able to come in and set up a business in Ghana,” he announced.

Mahama also underscored opportunities in priority sectors such as automobile assembly, agribusiness, energy, and manufacturing.

“Japan has a comparative advantage when it comes to automobile manufacturing. Using the opportunity to be able to export into not only our sub-region, but also into Africa, Ghana becomes a good place for the local assembly of automotive products.

“Already, we have Japanese companies that are based in Ghana and assembling for the local market and also for exporting to the sub-region,” he noted.

On agriculture, he outlined plans for the Volta Economic Corridor, which would use the Volta Lake to irrigate vast lands and host industrial parks for agro-processing.

“We have millions of hectares of land that border that huge lake, and the water can be used to bring about 2 million hectares of land under irrigation.

“But also we intend to establish industrial parks, so that we can process agri products. We can invest in textile manufacture for export into the EU markets, into the American market and other places,” he said.

Mahama further pointed to Ghana’s energy potential, port infrastructure, and growing digital economy as additional incentives for Japanese businesses.

“We also have an important area, which is the digital economy and skills. Ghana has a very young population, English-speaking, and they’re very smart, and quick to upskill in any areas, robotics, AI, fintechs. The FinTech sector is one of the fastest growing in Ghana than in any other African country,” he told investors.

He concluded with a direct call for stronger Ghana-Japan partnerships.

“Africa is the next frontier for investment. Most parts of the world are saturated when it comes to investment. Africa is opening up, growing, and is a place that Japan should be looking at.

“And so let us marry Japanese position with Ghanaian potential and create a win-win situation for ourselves,” Mahama said.

Source: myjoyonline.com

He argued that the former New Patriotic Party (NPP) administration had already laid the groundwork for the currency’s stability before leaving office.

Speaking during the 2025 Mid-Year Budget Review debate in Parliament on Thursday, July 31, Mr. Afenyo-Markin acknowledged the cedi’s current gains but stressed that the broader context must not be overlooked.

“Mr. Speaker, the Finance Minister celebrated the cedi’s performance, proudly declaring ‘cedi no apicki’, and claiming this level of appreciation has never happened before,” he said. “But we must ask — what are the real drivers behind this, and is it sustainable?”

He pointed out that the Mid-Year Review failed to acknowledge the global economic factors that caused the cedi’s steep decline in 2022.

“In 2022, global conditions, including the U.S. Federal Reserve’s aggressive rate hikes and the Russia-Ukraine conflict, created immense pressure on emerging economies — Ghana included,” he explained.

He also argued that the cedi’s recovery had already begun under the NPP administration, citing policy measures such as the IMF agreement, debt restructuring, and the Gold-for-Oil programme.

“By the end of 2024, the cedi had stabilised, with depreciation slowing to just 19% year-on-year against the dollar — a significant turnaround from earlier declines,” he noted.

Mr. Afenyo-Markin emphasised that the current NDC government, led by President John Mahama, inherited a recovering economy — not a collapsing one.

“When this government assumed office in January 2025, they took over a stabilising cedi. The foundation had already been laid, and that must be acknowledged,” he concluded.

Source: AdomOnline

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Mr. Afenyo-Markin acknowledged the recent gains of the local currency but insisted that the foundations for the current stability were laid under the previous New Patriotic Party (NPP) government.

“Indeed, from January through to June, the Cedi strengthened significantly, which the Minister touts as unprecedented,” he said on the floor of Parliament on Thursday, July 31, during a debate following the presentation of the 2025 Mid-Year Budget Review by Finance Minister Dr. Cassiel Ato Forson.

“We do welcome a stronger Cedi — we, on this side [Minority], welcome a stronger Cedi. It eases the burden on import costs and brings some price relief to Ghanaians. However, claiming this as proof of some unique NDC progress is misleading.”

The Effutu MP argued that the appreciation of the Cedi was influenced by multiple external and inherited factors, including renewed investor confidence stemming from Ghana’s ongoing International Monetary Fund (IMF) programme and a significantly improved fiscal outlook — a process he claimed began before the change of government.

“A major factor is renewed investor confidence and inflows resulting from the IMF programme and improved fiscal outlook — a trajectory set in motion last year,” the Minority Leader stated.

Mr. Afenyo-Markin also pointed to Ghana’s strong gold exports and remittance inflows in late 2024 as additional contributors to the Cedi’s performance.

He accused the NDC of publicly downplaying the previous government’s economic interventions while quietly acknowledging them in official engagements with the IMF.

“Mr. Speaker, let me remind the NDC: whereas they have denied the successes of the NPP in laying the foundation, they have quietly indicated that in their report to the IMF.

“That is why recently the IMF exposed you — that you have acknowledged that the stability we find today is as a result of the foundation laid by the Akufo-Addo government,” he asserted.

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Presenting the 2025 Mid-Year Fiscal Policy Review in Parliament, Dr. Forson said the following:

“It is the first time that this level of appreciation has been recorded in the 60-year history of the Ghana Cedi.”

According to him, as of the end of June 2025, the Cedi had appreciated by 42.6% against the US Dollar, 30.3% against the British Pound, and 25.6% against the Euro.

He contrasted this with the same period in 2024, when the Cedi depreciated by 18.6%, 17.9%, and 16.0% respectively against those currencies.

“So far, we have almost reversed all the Cedi depreciation in 2022, 2023 and 2024,” Dr. Forson added.

He said the government remains committed to macroeconomic stability and will continue to implement measures to consolidate the gains and restore confidence in the local currency.

Source: Finance Ministry 

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Gold hedging programme will target a porti

According to the Bank of Ghana’s July 2025 Summary of Economic and Financial Data, the cedi trade at GH¢10.45 to one US dollar on the interbank market.

In May 2025, the local currency gained 43% in value to the American greenback.

Similarly, the cedi appreciated by 42.6% against dollar in June 2025.

It also appreciated by 24.2% to the euro on the interbank market in June 2025, going for GH¢12.25.

For the pound, the cedi also gained 31.2% in value. It consequently sold at GH¢14.02 the interbank market.

The Ghana cedi held firm to the US dollar and other major foreign currencies in the last two weeks.

The local currency closed at a midrate of GH¢10.48 per US dollar on the interbank market, marking a 0.47% depreciation.

In the retail market, it is going for a mid-rate at GH¢12.00. Its year-to-date appreciation stands at 29.38%.

The Minority in Parliament has challenged claims made by the Finance Minister, Dr. Cassiel Ato Forson, in the mid-year budget review about Ghana’s foreign exchange reserves and the cedi performance.

Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson declared, “Cedi no apicki,” highlighting the cedi’s stability and appreciation in recent months.

According to him, the local currency is gaining strength against major foreign currencies, particularly the U.S. dollar and the British pound.

However, at a press conference on Tuesday, former Finance Minister and Karaga MP, Dr. Mohammed Amin Adam rejected the assertion, insisting that the reality for many Ghanaians is still dollar scarcity and heavy intervention by the Bank of Ghana.

“Perhaps the Minister should know that ‘Cedi no apicki, but Abochi get the Dollar, as Mr Adongo once said,” he mocked.

Quoting an IMF advisory, the Minority called for a transparent, rule-based framework for foreign exchange interventions.

He also accused the government of taking undue credit for achievements inherited from the previous administration.

“The Minister’s attempt to disassociate today’s gains from yesterday’s effort is both analytically flawed and institutionally damaging,” he said.

He contended that the reported US$11.12 billion in international reserves includes as much as US$8.9 billion handed over by the NPP government in 2024.

The lawmaker further highlighted what they described as troubling inconsistencies between the Finance Minister and President Mahama on gold export figures and revenues, raising questions about the transparency of the Ghana Goldbod’s operations.

“This apparent contradiction calls for proper scrutiny of the work of the Goldbod,” the statement noted.

Meanwhile, the Caucus has reaffirmed their support for long-term structural solutions, including boosting local production and implementing reforms to reduce pressure on the cedi from the black market and rising imports.

Source: Ernest K. Arhinful

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According to the Forbes Currency Converter, the local currency traded at GH¢10.42 with a year-to-date gain of about 30%.

The Tunisian dinar was the best-performing currency on the continent.

It was followed by the Libyan dinar and Moroccan dirham.

From 5th to 10th positions were the Botswana pula, the Seychellois rupee, the Eritrean nakfa, the South African rand, the Lesotho loti and the Namibian dollar.

In the outlook, the Ghana cedi is expected to exhibit some stability to the US dollar and other major foreign currencies because of the improved macroeconomic environment, vis-à-vis a strong international reserves of more than 4.0 months of import cover.

The International Monetary Fund in a recent press conference, said, “Faced with large policy slippages and reform delays at end-2024, the new administration has taken bold corrective actions to maintain the programme [Economic Credit Facility] on track. Combined with ongoing reform efforts and an improved external position, the corrective measures are set to support Ghana in reaching the goals of economic stabilization, rebuilding resilience, and fostering higher and more inclusive growth”.

The Fund added that the authorities are strongly committed to restoring fiscal discipline and addressing the structural weaknesses that led to the slippages, stressing. they have passed a 2025 budget consistent with the programme’s objectives and enacted an enhanced fiscal responsibility framework.

These assertions support a stable cedi going into the peak season.

Source: Joy Business

Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson declared, “Cedi no apicki,” highlighting the cedi’s stability and appreciation in recent months.

According to him, the local currency is gaining strength against major foreign currencies, particularly the U.S. dollar and the British pound.

“The cedi, which began 2025 at around GH¢15 to the dollar, is now trading at approximately GH¢10.45 on the interbank market,” the Minister revealed.

He attributed the rebound to stronger macroeconomic indicators, increased export earnings, and renewed investor confidence.

“This performance reflects the positive impact of sound fiscal and monetary policies, growth in gold and cocoa exports, and steady remittance flows,” he said.

Dr. Forson reaffirmed the government’s commitment to preserving these gains.

“We will continue to implement prudent policies to preserve the value of our currency, reduce inflation, and ensure economic stability for all,” he assured.

Source: Adomonline.com

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