The Ghana Cedi demonstrated resilience against the US dollar and other major trading currencies in April 2025, buoyed by improved market liquidity following the Bank of Ghana’s targeted supply-side interventions.
The central bank’s injection of $490 million into the market effectively eased demand pressures by sufficiently meeting forex demand.
As a result, the cedi appreciated by 5.3% month-on-month against the US dollar, resulting in a 7.44% year-to-date (YTD) gain. The local unit also gained 0.71% against the British pound (0.79% YTD) and remained relatively stable against the euro, slipping just 0.3% month-on-month, narrowing its YTD depreciation to 1.83% on the retail market.
According to a Reuters report, the Gold Board has secured an agreement with nine mining companies to purchase 20% of their monthly estimated gold production of 200 kilogrammes before export, with the government paying in cedi equivalent.
Analysts believe this will reduce the burden on the FX reserve. “We believe this is a positive move to help shore up Ghana’s gold reserve and help strengthen the Ghana Cedi in May 2025,” Databank Research said, expecting the cedi to remain strong.
