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The Ghanaian cedi is showing signs of stability in the foreign exchange market, trading at GHS15.90 per US dollar at forex bureaus, with an average interbank rate of GHS15.86. The latest figures indicate a slight appreciation of the currency compared to previous trading sessions.
The buying rate currently stands at GHS15.35 per dollar, while the selling rate is GHS15.86, reflecting a marginal improvement in value. On the interbank market, the cedi is trading at GHS15.54 for buying and GHS15.56 for selling.
This development comes after a period of minor depreciation in recent weeks, which saw the cedi struggle against the dollar due to market uncertainties. Analysts note that the stability may be attributed to increased foreign exchange inflows, proactive monetary policies by the Bank of Ghana, and a general slowdown in demand for the US dollar.
Despite the temporary relief, financial experts warn that the local currency could face renewed depreciation pressures in the coming months. Forecasts suggest that the cedi may weaken further to GHS17.23 per dollar by the end of 2025 if economic conditions remain unchanged.
The performance of the cedi remains a crucial factor in Ghana’s economic landscape, influencing inflation, import costs, and overall business confidence. Market watchers continue to monitor developments, with hopes that ongoing policy interventions will help sustain the currency’s value and promote economic stability.
