The market sentiment towards the Ghana Cedi is anticipated to improve in the coming weeks, following an announcement from the International Monetary Fund (IMF) that it has reached a staff-level agreement with the Government of Ghana over the Economic Credit Facility (ECF) programme.
Last week, the local currency remained stable at GH¢16.00 to a dollar in the retail market for most of the week, maintaining a year-to-date depreciation of 2.36%.
It also depreciated by 2.25% week-on-week against the euro but remained unchanged against the pound.
The Bank of Ghana’s intervention of US$178.2 million helped contain depreciation pressures, keeping the cedi stable.
This week, the cedi remained unchanged at GH¢16.00 to the dollar. Analysts expect the positive outcome of the IMF Ghana ECF programme to bolster market sentiment and stabilize the local currency.
The Bank of Ghana supported the foreign exchange market with US$264.4 million in March 2025, contributing to the cedi’s stability.
The intervention, combined with ample foreign liquidity in the local market, helped the cedi maintain a calm trading session, holding steady at GH¢15.5 to the dollar for the month.