Ghana cedi hits GH¢11.90 against the US dollar

The Ghanaian cedi has made some gains on the local forex market, with the US dollar now trading at GH¢11.90 as of Wednesday, May 21, 2025, according to the latest update from Bloomberg.

This new rate is being watched closely by many, especially after months of pressure on the cedi that saw it drop to worrying levels. Even though the recent depreciation caused a lot of fear and confusion, some financial experts now say that this current rate may be a sign of stability returning to the local currency market.

According to these analysts, the GH¢11.90 rate signals that the cedi may be finding its feet again after a long period of ups and downs. They believe this development could bring some level of hope for business owners, importers, and ordinary Ghanaians who have been struggling with the high cost of goods and services.

A Welcome Relief for Businesses and Shoppers

For many Ghanaian businesses that rely on importing goods, especially those who buy in dollars, the improved cedi performance could lead to slightly lower prices in the coming weeks—if the gains hold. Traders who usually have to change huge sums into dollars for goods say the improvement will help reduce their costs and make it easier to plan.

Ordinary citizens are also hoping the new rate will reflect in the prices of fuel, imported food items, electronics, and spare parts, which have seen sharp increases in recent months.

Bank of Ghana Expected to Respond

The Bank of Ghana (BoG) is expected to release an official statement or update on the situation, especially with attention now on how the central bank’s daily forex reference rates will reflect this new development.

Many Ghanaians are looking forward to Thursday, May 22, when the BoG’s next update is expected. People are hoping the central bank will confirm the gains and explain what has contributed to the improvement.

Mixed Reactions on Social Media

As expected, news of the cedi’s performance has sparked a lot of conversation on social media platforms like X (formerly Twitter), Facebook, and TikTok.

Some users are happy and say it’s a good sign that the economy might be bouncing back. Others, however, are more cautious. They argue that the rate is still higher than what it was a few years ago, and that we need to wait and see if this improvement will last.

One user posted:

“GH¢11.90 is better than GH¢13, but we’re not there yet. Let’s not celebrate too early.”

Others are calling for lower fuel prices, better wages, and action to reduce the cost of living across the country.

The Bigger Picture

Even though the current GH¢11.90 exchange rate is an improvement, experts warn that the cedi is not out of danger yet. Global economic pressures, demand for the US dollar, and Ghana’s import levels can all affect how the currency performs in the coming weeks and months.

Some believe the Bank of Ghana’s tight monetary policies, efforts to control inflation, and gold-for-oil or gold-for-forex initiatives may be part of the reason for the current gains.

Conclusion

For now, many Ghanaians are breathing a small sigh of relief as the cedi shows signs of recovery. Whether this trend will continue remains to be seen, but all eyes are now on the Bank of Ghana and the government’s next steps in managing the economy.

As the cedi continues to find its balance, Ghanaians are hoping for more stability and lower prices at the market and fuel stations.