The cedi showed strong performance against the US dollar and other major currencies in April 2025, driven by improved market liquidity and targeted interventions by the Bank of Ghana (BoG).
The central bank injected US$490 million into the foreign exchange market during the month, helping ease demand pressures and meet forex needs.
This move led to a 5.3% month-on-month appreciation of the cedi against the US dollar, bringing its year-to-date gain to 7.44%.
The local currency also gained 0.71% against the British pound (0.79% YTD) and remained relatively stable against the euro, recording only a marginal 0.3% decline month-on-month.
This narrowed its year-to-date depreciation against the euro to 1.83% on the retail market.
Further support for the cedi came from a new agreement secured by the Gold Board (Goldbod), as reported by Reuters.
Under the deal, nine mining companies will sell 20% of their estimated monthly gold output—about 200 kilograms—directly to the government in local currency instead of US dollars.
Analysts say the move will ease pressure on Ghana’s foreign reserves and support the cedi’s performance in the months ahead.
According to Databank Research, the combined effect of BoG’s interventions and the gold purchase deal is expected to help keep the cedi stable and potentially stronger through May.
lxiylt
btcqnh