Ghana’s cedi is expected to post marginal gains against the U.S. dollar in the coming week, buoyed by continued support from the Bank of Ghana and improved interbank liquidity, despite lingering global uncertainties—particularly around U.S. trade policies.
As of Thursday, the cedi traded at 15.4300 per dollar, slightly firmer than the previous week’s close of 15.4500, according to data from the London Stock Exchange Group (LSEG). This upward movement, though modest, reflects renewed market confidence in the currency.
“The cedi has rallied this week on the back of increased support from the central bank. Interbank liquidity has improved, with bid-offer spreads tightening significantly as more market makers actively show firm prices,” said Sedem Dornoo, Senior Trader at Absa Bank Ghana.
Analysts note that the central bank’s consistent interventions have helped ease pressure on the cedi by ensuring a steady supply of foreign exchange in the market. This move has also narrowed the spreads in the interbank market, fostering greater stability and boosting trader sentiment.
Looking into next week, expectations remain cautiously optimistic. Market watchers believe the local unit may continue its slight recovery, especially if the current level of FX liquidity persists.
“Looking ahead, we expect continued liquidity, with room for the local unit to post further gains as FX supply remains strong,” Dornoo added.
However, the outlook remains tempered by external factors—chief among them, the uncertain trajectory of U.S. trade tariffs and their ripple effects on emerging markets. Any significant shift in global risk sentiment or a deterioration in trade conditions could prompt renewed pressure on African currencies, including the cedi.
Still, for now, the Ghanaian currency appears relatively well-positioned to benefit from the Bank of Ghana’s strategic interventions, particularly as the country works to stabilize inflation and attract more capital inflows.
While the gains are expected to be marginal, they signal growing resilience in Ghana’s foreign exchange market—an encouraging sign for businesses, investors, and policymakers navigating a volatile global economic landscape.
