The Ghanaian cedi continues to strengthen against major foreign currencies, especially the United States dollar.
On the interbank market, the cedi is trading at GHS11.84 to the dollar for buying and GHS11.86 for selling as of Thursday, May 22, 2025.
This is the first time the cedi has been this strong since December 31, 2023, when it sold at GHS11.89 per dollar on the interbank market.
On the retail market, the cedi has also maintained its appreciation. It is trading at a buying rate of GHS11.75 and a selling rate of GHS12.40 per dollar.
Meanwhile, the opposition New Patriotic Party (NPP), particularly its 2024 flagbearer Dr Mahamudu Bawumia, says the gains cannot be credited to the NDC government.
He attributes the cedi’s performance to global trade dynamics that have weakened the dollar and to past NPP policies, including the gold-for-oil initiative.
However, in a social media post on Thursday, May 22, Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, argued that the appreciation is not due to gold reserve accumulation.
According to him, the improved performance of the cedi is rather the result of increased forex liquidity—mainly from record gold exports by the Gold Board, a tight monetary policy stance by the Bank of Ghana, and fiscal discipline led by the Ato Forson-led Ministry of Finance.
