Ghana’s local currency, the cedi, has extended its upward momentum on the interbank market, registering sharp gains against major trading currencies, most notably the US dollar.
As of the close of trading at 5:00 PM on Friday, May 23, 2025, the Ghanaian cedi was trading at approximately GH¢10.50 to the US dollar, according to Bloomberg data sighted by GhanaWeb Business.
This represents a significant appreciation from earlier in the month, when the cedi was exchanging at around GH¢15.31 per USD.
The Bank of Ghana’s official interbank mid-rate for the same day stood at GH¢10.9500 per USD.
The cedi’s strong recovery has come amid tighter monetary policy conditions and renewed investor confidence.
On Friday, May 23, 2025, the Bank of Ghana (BoG) maintained its monetary policy rate at 28%, signaling its continued commitment to inflation control and macroeconomic stability.
This decision reflects the central bank’s view that underlying inflationary pressures are easing, supported by a more stable exchange rate and a reduction in imported inflation.
Speaking at a press briefing on Friday, Governor of the Bank of Ghana, Dr Johnson Asiama, pointed to several contributing factors behind the cedi’s rebound.
These include improved foreign exchange inflows, possibly from gold and cocoa exports, remittances, and multilateral support, as well as regulatory measures aimed at curbing speculative demand in the FX market.
The BoG has reiterated its focus on anchoring inflation expectations and ensuring a gradual build-up of foreign exchange reserves.
Meanwhile, if sustained, the cedi’s recent performance could ease inflationary pressures in the near term and provide room for future policy adjustments.
Source: www.ghanaweb.com
