The Ghana cedi is showing sustained strength against major international currencies as it continues its recovery trajectory in early May 2025.
According to average rates across selected banks on Monday, May 6, the local currency is selling at GH₵13.82 to the US dollar and buying at GH₵13.32.
This marks a notable improvement compared to the end of April, when the cedi was selling at GH₵14.23 to the dollar.
The nearly 3% gain reflects growing investor confidence and the impact of tighter fiscal measures and Bank of Ghana interventions aimed at stabilizing the economy.
The cedi is also holding firm against other major currencies. On the same date, the average selling rates across selected banks were:
- British pound: GH₵18.46 (buying at GH₵17.64)
- Euro: GH₵15.64 (buying at GH₵15.02)
- Chinese yuan: GH₵1.91 (buying at GH₵1.84)
- CFA franc: GH₵0.024 (buying at GH₵0.022)
- South African rand: GH₵0.74 (buying at GH₵0.72)
Analysts say the appreciation is being driven by improved foreign currency inflows, a steady performance in Ghana’s exports, and tighter monetary policy by the central bank.
“If current trends continue, we may see the cedi end the second quarter stronger than initially projected,” a currency analyst noted.
The Bank of Ghana is expected to maintain its current stance on interest rates and foreign exchange interventions to ensure the cedi remains stable in the face of global economic uncertainties.
