The Ghana cedi has recorded significant gains over the past two weeks, supported by the Bank of Ghana’s (BoG) targeted foreign exchange interventions that have helped stabilize the market and improve liquidity.

According to Databank Research, the cedi’s recent appreciation has been driven by seasonal foreign exchange inflows from commodity exports, record gold prices exceeding US$4,000 per ounce, and the central bank’s decision to double the frequency of its FX auctions.

At the interbank level, the USD/GHS rate closed at GHS 12.17, down from GHS 12.40, while the euro and pound sterling ended at GHS 16.25 and GHS 14.14, respectively, on Monday.

In the retail market, the cedi also strengthened further — appreciating by 3.45% against the dollar, 5.25% against the pound, and 4.67% against the euro to close at GHS 13.05, GHS 17.15, and GHS 15.00, respectively.

Analysts attribute the local currency’s steady performance to robust inflows, improved investor sentiment, and renewed market confidence following Ghana’s successful completion of the fifth review of its IMF programme.

The Bank of Ghana is expected to maintain strong market support throughout October to consolidate these gains.

Meanwhile, the World Bank’s Africa Pulse Report has ranked the Ghana cedi as Africa’s best-performing currency in the first eight months of 2025, appreciating by over 20 percent since January.

The report credits the strong performance to fiscal discipline, sound monetary management, and renewed investor confidence after Ghana’s debt restructuring.

Additionally, the BoG has revealed plans to inject about US$1.15 billion into the foreign exchange market to manage seasonal demand pressures and support price stability.

However, market analysts caution that sustaining the cedi’s momentum will depend on continued fiscal prudence, export diversification, and structural reforms to ensure long-term economic stability.