Ghana Cedi Begins Week Strong, Tops Sub-Saharan African Currencies
The Ghanaian cedi started the week on a strong note, posting modest gains against the US dollar in the retail market.
As of now, the cedi is trading at GH¢10.98 to the dollar in the retail market and GH¢10.25 on the interbank market. This marks a continued upward trend for the local currency, which has appreciated nearly 50% against the US dollar since the start of the year.
Last week, the cedi’s performance was buoyed by steady foreign exchange inflows and subdued demand for hard currency. In the interbank market, it recorded a 6.52% week-on-week gain against the dollar—making it the top-performing currency among 15 tracked in sub-Saharan Africa.
In the retail market, the cedi appreciated by 12.3% against the US dollar and 9.6% against the British pound, reflecting growing market confidence and improved macroeconomic stability.
Market watchers attribute the cedi’s strength to improved investor sentiment, ongoing support from the International Monetary Fund (IMF) program, and consistent foreign exchange interventions by the Bank of Ghana.
Analysts will be closely monitoring whether this momentum can be sustained amid global currency volatility and domestic economic reforms.
