The International Monetary Fund (IMF) has called on the Bank of Ghana (BoG) to ease its presence in the foreign exchange (FX) market and allow for greater flexibility in the cedi’s exchange rate.
This call came as part of the Fund’s latest review of Ghana’s US$3 billion Extended Credit Facility (ECF) programme.
While acknowledging significant progress in rebuilding international reserves and taming inflation, the IMF noted that allowing the exchange rate to reflect true market conditions will be crucial for sustaining stability and investor confidence.
“The Bank of Ghana should reduce its footprint in the foreign exchange market and allow for greater exchange rate flexibility,” said IMF Deputy Managing Director Bo Li.
The IMF also recommended that the central bank adopt a formal internal FX intervention policy framework to improve transparency and predictability.
As of Wednesday, July 9, 2025, the interbank reference exchange rates from the Bank of Ghana show the cedi trading at GHS 10.3448 to the US dollar (buying) and GHS 10.3552 (selling).
The pound is going for GHS 14.0524 (buying) and GHS 14.0685 (selling), while the euro stands at GHS 12.1215 (buying) and GHS 12.1333 (selling).
According to the government, one of the key factors helping to maintain relative stability of the cedi is the recent improvements in Ghana’s international reserves.
