Cedi records 17.17% appreciation to dollar again; one dollar going for GH¢13.50

The Ghana cedi is still doing well against the US dollar, gaining more strength since the beginning of the year. From January 1, 2025, till now, the cedi has appreciated by 17.17%.

Right now, in the retail market, one dollar is going for about GH¢13.50, showing that the cedi is currently the best-performing currency in the world.

Just last week alone, the cedi went up by:

• 2.3% against the US dollar,

• 3.5% against the British pound,

• and 3.7% against the euro.

This strong performance is partly because the Bank of Ghana (BoG) injected US$425.50 million into the market to boost supply of dollars and reduce pressure on the cedi.

The Bank of Ghana’s 124th Monetary Policy Committee (MPC) meeting is set to happen from Wednesday, May 21 to Friday, May 23, 2025. The big announcement on the policy rate will be made on Monday, May 26, 2025.

Before that, BoG will release fresh data on the economy. According to Databank Research, this data—especially information about Ghana’s international reserves—will help people understand if BoG can keep supporting the cedi for a long time.

“In the near term, we expect the Ghana cedi to maintain a cautious upward trajectory underpinned by improving liquidity conditions and data-driven sentiments ahead of the MPC decision,” Databank said.

Some financial analysts are unsure how long this strength will last. But the Bank of Ghana is confident that the cedi will remain strong for a long time.

Early This Year

In the interbank market, where banks trade currencies among themselves, the cedi is being bought at GH¢12.31 and sold at GH¢12.32 per dollar, according to the Bank of Ghana’s latest update.

Here are some other exchange rates:

• British pound: Buying at GH¢16.32, selling at GH¢16.33

• Euro: Buying at GH¢13.71, selling at GH¢13.72

But in the retail (forex bureau) market, DailyNewsGhana checks on May 17, 2025, showed different rates:

• Dollar: GH¢13.65

• Pound: GH¢18.00

• Euro: GH¢15.50

Last year, to stop the cedi from falling, the Bank of Ghana sold over $200 million in the last quarter of 2024.