The local currency started the week at GH¢13.30 to one US dollar at the exchange offices.
In contrast, the Bank of Ghana provided a price on the interbank market that ranged from $1 to GH¢11.90.
But the US dollar Ghana cedi interbank rate ended the day at GH¢12.17, up 1.93% from GH¢12.40, while the euro and pound sterling ended the day at GH¢16.25 (+2.32%) and GH¢14.14 (+2.55%), respectively.
So far this year, it has gained 18.97%.
Over the last two weeks, the cedi has appreciated thanks to the Bank of Ghana’s foreign exchange policies, which have helped other markets as well.
With the cedi gaining 3.45%, 5.25%, and 4.67% against the US dollar, British pound, and euro, respectively, the retail market rates likewise displayed further increases, ending at GH¢13.05, GH¢17.15, and GH¢15.00.
“Our earlier expectations of a stronger cedi, driven by seasonal foreign exchange inflows from commodity exports and sustained market support, have largely materialized,” Databank Research said.
Strong windfalls were further cemented when gold prices surged above the US$4,000 per ounce threshold.
Most significantly, however, it stated that market flexibility was improved by the central bank’s intention to boost the frequency of its foreign exchange operations through open auctions with licensed institutions. Expectations were probably grounded by the move, as bid-ask spreads significantly shrank.
“Considering recent success with the International Monetary Fund 5th review mission and proposed plans to meet demand strongly in October 2025, our optimism remains firmly reinforced for the coming weeks, with the US dollar/Ghana cedi pair bouncing back to GH¢11.50 levels in the interbank market and GH¢12.75 levels in the retail market”.
Source: newsthemegh.com