The Ghana cedi remarkably gained massively against US dollar today, April 29, 2025, to sell at GH¢15.40 to one dollar in the retail market.
This was after going for GH¢15.75 to one American greenback yesterday, April 28, 2025.
The local unit consequently recorded a year-to-date gain of 3.50% to the world’s most important currency.
It is unclear why a sudden impressive performance of the cedi, but some dealers are attributing it to a substantial reduction in the demand for the US dollar. However, others are ascribing it to the almost US$10 billion reserves built by the previous Bank of Ghana team.
On the interbank market, the cedi is being quoted at GH¢14.38 to one dollar.
The Ghana cedi gained 0.63% week-on-week versus the US dollar last week as demand pressures waned.
Foreign exchange demand pressures appeared subdued as the market remained mostly liquid. The Bank of Ghana offered US$190 million through its daily auctions last week, but only US$84.80 million was absorbed by market participants. This indicated an acceptance ratio of 44.6%.
Additionally, US$65 million traded on the interbank market, boosting liquidity.
This helped the Ghana cedi strengthen by 6.6% vs the US dollar, closing as the best-performing currency on the interbank market among the basket of 15 Sub-Saharan currencies.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
