The Ghana Cedi started April 2025 on stable note after a mixed performance in March 2025.
It traded at GH¢15.95 against one US dollar on April 2, 2025, after gaining little grounds last week.
This translates into a year-to-date depreciation of 1.74% to a dollar in the retail market though it has lost over 5% in value in the interbank market.
The cedi quoted at a mid-rate of GH¢15.80 to one dollar at the close of the week’s trading last week.
This came as a result of easing of demand for foreign exchange.
As a result, the local unit recouped 0.63% week-on-week versus the US dollar, 0.99% against the pound and 0.88% to the euro.
Ghana’s foreign exchange reserves (excluding encumbered assets) increased by 7.17% in the first two months of 2025, reaching US$6.86 billion as of February 2025, up from US$6.40 billion in December 2024.
This occurred despite a 48% increase in the refined oil import bill.
The current reserve level translates to 3 months of import cover, up from 2.9 months at the close of 2024.
Analysts believe the improved reserves aided the Bank of Ghana’s market support, which has helped keep the cedi afloat.
Looking ahead, they see the cedi remaining stable in the near term as the strengthening reserve continues to support supply-side intervention..
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.
