Cedi Stages Remarkable Comeback, Erases Q3 Losses Against the U.S. Dollar.
The Ghanaian cedi has staged a dramatic recovery in October 2025
ACCRA, Ghana — The Ghanaian cedi has staged a dramatic recovery in October 2025, regaining all losses sustained during the third quarter and reaffirming investor confidence in the domestic currency.
Data from Bloomberg News and the World Bank indicate that the cedi depreciated by 14% between July and September 2025, eroding part of the record appreciation it achieved earlier in the year. By the end of September, its year-to-date gain had slowed from 40% in July to 21%. However, the trend reversed sharply in October. Fresh figures from commercial banks now show that the cedi’s year-to-date appreciation stands at 37%, implying a 16% rebound since the start of the month. Within just one week from October 13 to 17 the currency appreciated by 9.5% against the U.S. dollar, marking one of the strongest weekly performances in recent memory.
Checks from forex - bureau market reveal that some commercial banks are currently selling the dollar at GH¢10.95 for retail transactions. On the interbank market, trading among banks closed between GH¢10.70 and GH¢10.85.
The appreciation has also filtered into the forex-bureau market, where as of October 12, 2025, rates ranged between GH¢12.00 and GH¢12.40 to the dollar down significantly from the GH¢13.50 levels seen in late September.
Analysts attribute the cedi’s rally to proactive intervention measures by the Bank of Ghana (BoG) and renewed foreign-exchange inflows from gold and cocoa exports.
Earlier this month, BoG Governor Dr. Johnson Asiama announced the start of the Foreign Exchange (FX) Intermediation Programme under the Domestic Gold Purchase Programme. The central bank plans to sell up to US$1.15 billion in October alone through spot-based, price-competitive auctions held twice weekly among licensed banks.
Dr. Asiama explained that the initiative aims to deepen interbank market activity, improve price discovery, and curb speculative trading. “The overarching goal is to stabilize the exchange rate, maintain a level playing field, and support sustainable liquidity within the banking system,” the governor said.
Financial analysts note that the cedi’s current trajectory strengthens Ghana’s macroeconomic outlook, particularly as inflation trends downward and fiscal conditions improve under the IMF-supported reform programme. Still, they caution that maintaining this momentum will depend on consistent policy discipline, continued export growth, and careful management of domestic liquidity.
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