Ghana cedi falls to GH₵12.20 per dollar as heat rises

The Ghana cedi slipped to GH₵12.20 per US dollar in the retail market as seasonal heat‑driven demand pressures intensified over the past two weeks.

In the interbank market, the USD/GH₵ pair closed the fortnight at a mid‑rate of GH₵11.41, up from GH₵1.12, while the cedi weakened 4.62% against the pound and 3.87% against the euro, ending at GH₵15.26 and GH₵13.32 respectively.

Retail traders saw a smaller dip, with the cedi falling 0.41% to GH₵12.05. Against the pound and euro, the retail rate slipped 0.94% and 1.08%, closing at GH₵15.90 and GH₵13.95.

“The moderation reflects our expectation of seasonal demand pressure combined with a cautious foreign‑exchange stance from the Bank of Ghana,” said a Databank Research analyst.

Despite the depreciation, volatility remained contained. Analysts credit robust FX supply and spot interventions for preventing larger overshoots.

Looking ahead, the near‑term USD/GH₵ band is projected between GH₵11.67 and GH₵12.15 in the retail market, supported by the Bank of Ghana’s revised net‑open‑position limits (0% to –10%) and anticipated IMF disbursements.

The cedi started the week at GH₵12.20 in the retail market and has already posted a 27.78% year‑to‑date gain since 1 January 2025.

Image Source: MYJOYONLINE