Cedi holds steady in retail market amid rising demand; one dollar equals GH¢16.25

The Ghana cedi remained stable in the retail market but faced pressure in the interbank market due to increased forex demand from traders and manufacturers ahead of the festive season.

It appreciated 0.93% against the US dollar, reaching GH¢16.20/US$. Analysts attribute this stability to improved forex inflows and reduced speculative demand.

The Bank of Ghana’s 200-basis point rate cut and assurance of meeting forex demand are expected to maintain the Cedi's stability.

Despite this, the cedi depreciated 24.3% against the dollar in 2024, compared to 22.9% in the same period last year.