BoG Data Pegs Cedi Gains Against Dollar at 21% at End-September
The Cedi, per data contained in the Central Bank’s September 2025 Summary of Economic and Financial Data report, has appreciated against the greenback by 21%.
For the pound and euro, the Cedi appreciated by 11.8% and 6.9% respectively.
When compared to gains recorded by the local currency against the three hard currencies in May, the current rate gains across the three major currencies indicate a reduction, with the Cedi depreciating by some 22%, 21% and 23.5% against the dollar, pound, and euros respectively.
On a year-on-year basis, however, the Cedi has for this year performed significantly well, from the previous year when it recorded 24.8%, 28.6% and 25.5% depreciation rates against the dollar, pound, and euro respectively.
Meanwhile, Economist and Professor of Finance, Prof. Godfred Bokpin, has projected the Cedi to stabilise between GHS 13.5 and GHS 14 to the U.S. dollar by the end of 2025 after months of strong appreciation.
According to Prof. Bokpin, the local currency faces seasonal pressures and market corrections, describing its recent swings as a natural feature of the foreign exchange market.
“We have our peak period and then we have our low period as well. In the peak period, when we experience what we call cash flow mismatch in terms of inflows and outflows, businesses would import in anticipation of Christmas and all of that. So the demand will pick up,” he explained, adding that increased government expenditure will further weigh on the currency.
