The Ghanaian cedi continues to struggle against major international currencies, with depreciation persisting on both the interbank and retail markets. On May 20, 2025, the Bank of Ghana reported that the cedi is trading at a buying price of GH₵12.22 and a selling price of GH₵12.23 to the US dollar on the interbank market, reflecting a challenging outlook for the local currency.
Similarly, the cedi is losing ground against other key currencies. The British pound is being bought at GH₵16.32 and sold at GH₵16.34, while the euro trades at a buying price of GH₵13.73 and a selling price of GH₵13.74.
In the retail market, the depreciation is even more pronounced. At some forex bureaus across the country, the cedi is trading at GH₵13.50 to the dollar, with the pound selling as high as GH₵18.00. Meanwhile, the euro is trading at an average of GH₵15.50, indicating broader depreciation pressures in the economy.
The Bank of Ghana has implemented various measures to curb the cedi’s decline, including selling over $200 million in the last quarter of 2024 to stabilize the currency. However, these interventions appear to have had limited impact in reversing the downward trend, raising concerns about the effectiveness of monetary policy tools amidst external economic pressures.
Market analysts attribute the cedi’s persistent depreciation to factors such as high demand for foreign currency to settle import bills, dwindling foreign reserves, and global economic uncertainties. Stakeholders have called for more robust fiscal policies to complement monetary interventions and restore confidence in the cedi.
The continued depreciation of the cedi poses a significant risk to the cost of living, with import-dependent sectors bearing the brunt of rising exchange rates.
Story by: Mercy Addai Turkson #ahotoronline.com
