UK-based firm, Fitch Solutions, has projected that the cedi will remain stable for the rest of 2025.
According to the firm, this is due to the country’s current robust external buffers and international reserves which have risen to appreciable levels in the last six months.
Ghana’s international reserves have risen to nearly $7.9 billion in April 2025, equivalent to about 4 months of import cover.
The increase in the reserves has been largely attributed to strong exports and historically high gold prices amid heightened geopolitical risks and central bank gold purchases.
“Combined with the authorities’ stated preference for a stronger exchange rate, we expect that the Bank of Ghana (BoG) will keep the currency broadly stable over the remainder of the year, helping to limit imported inflation,” Fitch said as quoted by myjoyonline.com.
Fitch said the cedi closed June 2025 at GH¢10.35/US dollar on the interbank market (-0.9% month-on-month) after a sharp correction-driven rally in prior two months.
“Amidst a surge in foreign exchange demand from offshore investors, corporates, and local banks adjusting to the new currency-matched Cash Reserves Ratio rules, the Bank of Ghana increased foreign supply by 84.4% month-on-month to US$1.7 billion to anchor the US Dollar Ghana cedi pair, albeit changing from 2-day to 7-day forward sale and tapering the volumes in the final 2-weeks,” Fitch noted.
In its daily update, the Bank of Ghana noted that the cedi is trading at a buying price of GH¢10.39 and a selling price of GH¢10.40 to the dollar as of July 16, 2025.
The British pound is being bought at GH¢13.98 and sold at GH¢14.00 while the euro is trading at a buying price of GH¢12.15 and a selling price of GH¢12.16.
SSD/AME
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