The Ghana cedi depreciated by 5.3% against the US dollar in the first quarter of 2025.
According to the Bank of Ghana, the local currency traded at GH¢15.53 to the American greenback on the interbank market as of March 2025.
In January and February 2025, the cedi weakened by 5.3% and 3.9%, respectively, against the US dollar.
Similarly, the cedi lost 9.2% of its value against the euro in the first quarter, trading at GH¢16.75 on the interbank market. Against the British pound, it depreciated by 8.2%, selling at GH¢20.03.
However, last week, the local unit gained 0.31% week-on-week against the US dollar in the retail market, closing at a mid-rate of GH¢15.90. This reduced the year-to-date loss to 2.36%.
Next week, a team from the International Monetary Fund (IMF) is expected to visit Ghana to begin the fourth review of the US$3.0 billion Economic Credit Facility programme.
The review will assess the country’s performance under the IMF programme and the 2025 Budget.
Analysts believe a successful review could pave the way for another tranche disbursement, which would support the Bank of Ghana’s market intervention efforts and help stabilise the cedi.