The Ghana cedi has made a strong recovery this week after a slight dip against the US dollar last week.
It began the week trading at GH¢15.95 to the dollar, bringing its annual depreciation to just -1.27%.
Tue 11 Feb, 2025 • 08:00 AM
💵 1 USD = ₵15.90 ⏹️
💷 1 GBP = ₵19.70 ⏹️
💶 1 EUR = ₵16.70 ⏹️Change money now at these rates (link below)
— CediRates (@CediRates) February 11, 2025
Experts predict the cedi will stabilize in the coming days, with the Bank of Ghana expected to ramp up its foreign exchange support in response to rising corporate demand.
Last week, the cedi had a mixed performance: it depreciated by 0.32% against the US dollar but gained 0.31% against the euro.
It also lost 0.26% to the British pound. This follows two weeks of strengthening against the dollar and other major currencies.
At the close of the week, the cedi was at GH¢16.00 to the dollar, marking a year-to-date loss of 1.74%.
This decline was driven by reduced foreign exchange supply and increasing demand, which offset earlier support from the Bank of Ghana.
Analysts warn that further depletion of forex reserves for buffer builds, along with rising global uncertainty (such as concerns over Trump’s tariffs), could put additional downward pressure on the cedi.