The Ghana cedi has extended its weak run on the foreign exchange market, with its Year-to-Date (YTD) gain slipping to 18.51% as of Tuesday, September 9, 2025. This marks a drop from 20.35% recorded on Friday, September 5, 2025, reflecting sustained pressures on the local currency.
The decline is largely driven by strong corporate demand for foreign exchange coupled with a tight supply of dollars, market watchers say. The Bank of Ghana has been less aggressive in its interventions in recent weeks, with forex supplies notably lower compared to May, June, and July this year.
Some analysts also point to the central bank’s recent decision to restrict foreign currency cash withdrawals not backed by deposits as a factor influencing forex market dynamics and liquidity.
While the cedi remains one of Africa’s better-performing currencies in 2025, its current trajectory raises questions about stability heading into the final quarter of the year. Market players are closely watching the Bank of Ghana’s next moves, with expectations that decisive interventions may be needed to contain further depreciation pressures.
