The Ghana Cedi started April 2025 on a stable note following a mixed performance in March 2025.
On April 2, 2025, it traded at GH¢15.95 to one US dollar, having gained a slight ground the previous week.
This reflects a year-to-date depreciation of 1.74% against the dollar in the retail market, though it has lost more than 5% in the interbank market.
At the close of last week’s trading, the cedi was quoted at a mid-rate of GH¢15.80 to one dollar.
The improvement came as a result of a easing demand for foreign exchange. As a result, the local currency gained 0.63% week-on-week versus the US dollar, 0.99% against the pound, and 0.88% against the euro.
Ghana’s foreign exchange reserves (excluding encumbered assets) increased by 7.17% in the first two months of 2025, reaching US$6.86 billion as of February 2025, up from US$6.40 billion in December 2024.
This rise in reserves occurred despite a 48% increase in the refined oil import bill.
The current reserve level now stands at three months of import cover, up from 2.9 months at the close of 2024.
Analysts believe the improved reserves have aided the Bank of Ghana’s market support, which has helped keep the cedi stable.
Looking ahead, analysts expect the cedi to remain stable in the near term as the strengthening reserves continue to support supply-side interventions.
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