The Ghana cedi continued its weak run, with the Year-to-Date gain reduced to 18.51% on Tuesday, September 9, 2025, from 20.35% recorded on Friday, September 5, 2025.
This follows strong corporate demand and tight foreign exchange supply. The Bank of Ghana has been moderate on the foreign exchange market with supply lower than in May, June and July 2025.
Some analysts attribute the cedi’s recent performance to the Bank of Ghana’s curb on foreign currency cash withdrawals, which were not backed by equivalent foreign currency deposits.
Liquidity has been tight on the foreign exchange market as the market continues to correct itself.
As of Friday, September 5, 2025, the local currency was going for c12.90 on average at the forex bureau, but has since surged to GH¢13.10.
Some analysts warned that this trend may continue if the forex supply is not increased.
Bloomberg reported on September 4, 2025, that the local unit weakened by 13% so far in the third quarter of 2025.
That erased some of the cedi’s 50% gain that was underpinned by a stronger bullion price and saw it ranked as the world’s best performer in the three months through June.
On the interbank market, the local currency is going for GH¢12.10 against one American greenback
UK-based Fitch Solutions had earlier revised its end-of-year forecast of the cedi-to-dollar at GH¢13.0, from its previous projection of GH¢15.5 to one American greenback
It is also forecasted a 12.9% appreciation against the US dollar in 2025..