Ghana Cedi continues strong performance against US Dollar

The Ghana cedi is performing strongly against the US dollar as it quotes against according to quotes by the retail market as of yesterday February 17, 2025.

The cedi traded against the American greenback at GH¢15.75 after it almost neared GH¢15.95 last week.

Its year-to-date loss stood at 0.63%.

Analysts have predicted the local currency to remain stable this week and likely selling within the GH¢15.5000 to GH¢15.7000 range by the weekend.

Despite this positive growth, the outlook for the coming months remains uncertain.

 This can be attributed to diminishing foreign exchange support amid the recent repatriation and rising demand pressures which could potentially threat the stability of the cedi.  

The local currency remained stable in the retail market last week although it experienced modest depreciation in the interbank market.

While stability in the retail market was held up by subdued demand pressures, the volatility in the interbank market was mainly driven by tight foreign exchange supply.

The cedi closed the previous week quoting at GH¢15.95 to one US dollar, representing a slight weekly gain of 0.48%.

The cedi has also faired steady against the British pound at GH¢19.50 but weakened marginally by 0.31% against the euro, settling at GH¢16.25.