📈 Ghana Cedi Strengthens Sharply Against US Dollar, Hits GH¢10.50 on Interbank Market

/ Currency rebounds from GH¢15.31 earlier in May amid stronger monetary policies and investor confidence

The Ghanaian cedi (GH¢) has continued its strong upward trend on the interbank market, posting one of its most significant appreciations against the US dollar in recent years.

The Ghana cedi posts strong gains, reaching GH¢10.50 against the US dollar on the
interbank market.

As of 5:00 PM on Friday, the cedi was trading at approximately GH¢10.50 to $1, according to Bloomberg data reviewed by GhanaWeb Business. This marks a sharp recovery from the earlier exchange rate of GH¢15.31 per US dollar at the beginning of May.

The Bank of Ghana’s (BOG) official mid-rate for the day stood at GH¢10.95/$1, signaling widespread market alignment.

At a press briefing on Friday, BOG Governor Dr. Johnson Asiama attributed the currency’s surge to:

• Improved FX inflows from gold and cocoa exports, diaspora remittances, and multilateral support.

• Tighter monetary policy, with the central bank maintaining the monetary policy rate at 28%.

• Regulatory crackdowns on FX speculation and illegal currency trade.

“We are witnessing easing inflationary pressures and a more stable exchange rate, which has helped anchor inflation expectations,” Dr. Asiama said.

 

The cedi’s appreciation offers short-term relief for importers, stabilizes fuel prices, and could moderate inflation in the coming months. If sustained, it could create space for the BOG to ease interest rates and spur economic activity in the second half of 2025.

READ ALSO: Ghana Cedi Gains Strength Against Dollar, Pound, and Euro on Interbank Market

What’s Next?

• Continued FX reserve build-up

• Policy stability

• Reduced imported inflation

• Potential downward adjustments in inflation outlook if trends hold

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