Ghana Cedi Appreciates Against Dollar On Interbank Market As Forex Bureau Rates Diverge
Ghana’s local currency, the cedi, continues its steady appreciation on the interbank market, particularly against the US dollar, as the Bank of Ghana (BoG) reports a favorable exchange rate trend heading into mid-June 2025.
According to the BoG’s daily exchange rate update on Monday, June 9, 2025, the cedi is trading at a buying rate of GH¢10.24 and a selling rate of GH¢10.25 to the US dollar, reflecting continued stability and marginal strength over the past week.
The BoG also reported that:
The British pound sterling is being bought at GH¢13.92 and sold at GH¢13.93
The euro is trading at GH¢11.72 (buying) and GH¢11.73 (selling)
This trend marks a continued appreciation from previous months, as efforts by the central bank and fiscal authorities aim to tame inflation, reduce currency volatility, and stabilise the macroeconomic environment.
Retail Market Shows Diverging Rates
Despite the positive signals from the interbank market, forex bureau rates tell a slightly different story, with the cedi trading notably higher against major currencies in the retail market.
Checks by GhanaWeb Business at 8:20 AM on June 9, 2025, indicate the following retail rates at various forex bureaus in Accra and Kumasi:
USD: GH¢11.95
British Pound: GH¢16.30
Euro: GH¢14.20
The widening gap between interbank and retail market rates is attributed to demand pressures at the consumer level, speculative activity, and operational costs borne by forex bureaus.
$360 Million IMF Support Expected in June
In a related development, the Bank of Ghana has confirmed that Ghana is expected to receive $360 million from the International Monetary Fund (IMF) this month, as part of the country’s Extended Credit Facility (ECF) agreement.
The disbursement forms part of the second tranche under the three-year, $3 billion IMF programme aimed at restoring macroeconomic stability, rebuilding reserves, and supporting Ghana’s balance of payments.
BoG officials believe that the upcoming inflow will strengthen the central bank’s ability to intervene in the market when necessary and further support the cedi’s appreciation trend in the medium term.
Outlook and Market Sentiment
Market analysts suggest that the short-term outlook for the cedi remains positive, especially with improved foreign exchange inflows, increased investor confidence, and tighter fiscal discipline under the IMF programme.
However, some caution that the divergence between official rates and street-level trading could persist until forex demand is fully addressed, especially among importers and informal market participants.
The BoG has advised Ghanaians to rely on licensed forex institutions and monitor official channels to avoid misinformation and exploitative rates.
Source: Thepressradio.com
