Cedi Maintains GH¢16.00 Against Dollar

Market sentiment toward the Ghanaian cedi is expected to improve in the coming weeks, following the International Monetary Fund’s (IMF) announcement of a staff-level agreement with the Government of Ghana under the Economic Credit Facility (ECF) programme.

Last week, the cedi held steady at GH¢16.00 to the dollar in the retail market, keeping its year-to-date depreciation at 2.36%. It weakened by 2.25% against the euro but remained stable against the pound.

The Bank of Ghana’s intervention—injecting US$178.2 million—helped ease depreciation pressure and supported the currency’s stability.

This week, the cedi again traded at GH¢16.00 to the dollar. Analysts believe the IMF agreement will further boost investor confidence and support the currency’s performance.

In March 2025, the Bank of Ghana injected US$264.4 million into the forex market. This, along with sufficient foreign liquidity locally, contributed to a stable trading environment, with the cedi averaging GH¢15.5 to the dollar for the month.

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