Fitch Solutions has pointed out that the recent gains of the Ghana cedi will hold through 2025 and 2026.
According to the UK-based firm, the Bank of Ghana’s solid international reserves of US$7.9 billion underpinned by historically high gold prices support its view.
In an article, “What Our Clients Want to Know: Sub-Saharan Africa Q3 [Quarter 3] 2025 Macroeconomic Update”, it however warned that a decline in gold price could put pressure on the local currency.
“A hypothetical decline in gold prices, which could potentially be triggered by a sudden easing of geopolitical tensions, would quickly erode Ghana’s export earnings, push the current account back into deficit, and undermine reserve adequacy.”
“In such a scenario, the central bank would struggle to defend the cedi and would likely be forced to let the currency weaken”, it added.
According to the Bank of Ghana, the Ghana cedi appreciated by 40.7% against the US dollar in the first seven months of 2025.
The July 2025 Summary of Economic and Financial Data indicated that it traded at GH¢10.45 to one US dollar on the interbank market.
In May 2025, the local currency appreciated by 43% against the American dollar.
Similarly, the cedi appreciated by 42.6% against the dollar in June 2025.
It also appreciated by 24.2% to the euro on the interbank market in June 2025, going for GH¢12.25.
For the pound, the cedi also gained 31.2% in value. It consequently sold at GH¢14.02 the interbank market.
Presently, the cedi is going for GH¢10.50 to one US dollar on the interbank market and GH¢12 in the retail market.
