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The Ghana cedi strengthened against the US dollar, euro, and British pound last week as seasonal demand for foreign currency appeared to subside, easing pressures on the local currency.
In the latest foreign exchange auction, the Bank of Ghana sold US$20 million to Bulk Oil Distributors at a forward rate of GH¢14.7690/$, slightly lower than the previous rate of GH¢14.8133/$, indicating a reduction in demand for dollars.
On the retail market, the cedi gained 1.44% week-on-week against the US dollar, closing at GH¢15.58/$, while appreciating by 2.86% against the pound and 3.70% against the euro.
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Despite these gains, the local currency has depreciated by about 21.58% year-to-date against the US dollar. As of today, the cedi is trading at GH¢15.75 against the greenback, with the Bank of Ghana quoting GH¢14.71 on the interbank market.
Looking ahead, the Bank of Ghana’s foreign exchange auction calendar for Q1 2025 has confirmed a consistent US$20 million allocation per auction, totalling US$120 million for the first quarter. Analysts suggest that with easing demand pressures and seasonal liquidity expected to improve, the cedi may continue to see support and could strengthen further in the coming days.
