The Ghana cedi has staged a sharp rebound, climbing approximately 5% against the US dollar over the week of October 6 to October 10, 2025. This recovery has erased losses incurred in the third quarter, when the cedi had come under sustained pressure.
During the third quarter, Ghana’s currency depreciated by nearly 14%, as reported in various economic reviews, largely driven by a surge in demand for foreign currency amid import pressures and tightening external conditions. The rebound this week has been fueled by improved forex supply, changes in central bank policy, and a more disciplined macroeconomic environment.
Bank treasurers have pointed to reforms by the Bank of Ghana, such as shifting forex interventions from weekly auctions to spot sales and tightening foreign exchange regulations, as key enablers of the rally. The Ghana Association of Banks also confirmed that these policy changes, particularly the review of the Net Open Position rules for commercial banks, helped restore confidence in the currency market.
At the interbank market, the cedi was quoted between GH¢11.95 and GH¢12.05 per US dollar during trading, while in retail forex bureaus it hovered around GH¢13.20 to GH¢13.50 for those buying dollars. Some commercial banks reported offering the dollar at GH¢12.30 in retail transactions.
The recovery marks the first significant appreciation since the third quarter of 2025, and comes despite limited direct market intervention by the central bank in recent sessions. Analysts say that the cedi’s recovery is modest but meaningful, the kind of correction needed to stabilize expectations in the foreign exchange market.
Still, challenges remain. The cedi’s quarterly loss is a reminder of how vulnerable Ghana’s economy is to external shocks and import demand. As reported by Bloomberg, Ghana’s reliance on imports has often put strain on its currency when foreign reserves are tight. That said, the broader picture remains favorable: year-to-date, the cedi has recorded a gain of over 20% against the dollar, reflecting stronger fundamentals, investor interest, and tighter monetary conditions.
Moving forward, sustaining this momentum will depend on continued policy consistency, adequate forex liquidity, and maintaining external stability. The rally offers breathing room, but the cedi’s long-term trajectory will rely on Ghana’s ability to generate foreign exchange through exports, manage public debt, and maintain confidence in the financial system.
BoG Governor Urges Banks to Boost Lending Amid Signs of Economic Recovery