The Ghanaian Cedi fell to 12.1100 against the U.S. dollar on September 9, 2025, marking a 0.25% decline from the previous session in the foreign exchange market.
Over the past month, the Cedi has depreciated nearly 15%, reflecting growing demand for dollars as importers and individuals seek hard currency amid rising local prices.
While the short-term decline highlights immediate pressures on the currency, the Cedi remains 22.5% stronger than it was a year ago, signaling some resilience over the medium term.
The recent slide comes as companies rush to pay for imports, effectively ending the Cedi’s earlier gains. Retail-driven purchases continue to weigh heavily on the local currency, pushing exchange rates higher for everyday transactions and underscoring the persistent tension between domestic liquidity needs and market demand.
Limited intervention by the Bank of Ghana has further contributed to the Cedi’s weakness, as the central bank, following IMF guidance, has scaled back interventions in the FX market.
Even external economic factors, such as strong gold export revenues and a stable inflation rate earlier in the year, have proven insufficient to counterbalance the surge in dollar demand, leaving the local currency under sustained pressure.
As of today, September 9, 2025, forex bureaus in Accra are buying dollars at GHS 13.00 and selling at GHS 13.35, while the Bank of Ghana quotes a tighter range, buying at GHS 12.04 and selling at GHS 12.06. This highlights the gap between retail and official FX rates in the market.
Despite these challenges, the Cedi’s year-on-year strength suggests that underlying economic fundamentals still provide some support, offering a measure of stability amid ongoing volatility in the retail foreign exchange market.
