Financial economist, Professor Lord Mensah, has stated that the Ghanaian cedi is currently aligning with its true market value after being subjected to manipulative measures last year. In an effort to stabilize the currency’s performance, the Bank of Ghana injected over millions of dollars into the market during the final quarter of 2024.
However, Professor Mensah explained that these interventions were intended to artificially boost the cedi’s performance to create a positive economic outlook during the election period. He projected that the currency is likely to achieve some level of stability by March this year as it gradually adjusts to the pressures of market forces.
Professor Mensah further emphasized the urgent need to reduce the high demand for the U.S. dollar by both the government and businesses to sustain the cedi’s stability. “The cedi is now settling at its true value after last year’s manipulations aimed at influencing the elections. The seasonal demand for dollars in the first quarter has also come into play. By March, we should see some stability. There is, however, a pressing need to address dollar demand from government and business activities to prevent further depreciation,” he said.
Meanwhile, the cedi has recorded slight gains against major foreign currencies, particularly the U.S. dollar, in some forex markets. Currently, the cedi trades at a buying price of GH¢15.11 and a selling price of GH¢15.12. The British pound is trading at GH¢18.62 (buying) and GH¢18.64 (selling), while the euro is valued at GH¢15.72 (buying) and GH¢15.73 (selling). As of January 24, 2025, checks indicate that the cedi trades at GH¢16.10 to the dollar, GH¢19.60 to the British pound, and GH¢16.60 to the euro in major forex bureaus across the country.
