The Ghana cedi continued to gain further ground against the US dollar, appreciating by 17.17% since January 1, 2025.
It is going for GH¢13.50 to one American greenback in the retail market, cementing its position as the world’s best currency.
Last week, the local unit appreciated by 2.3% week-on-week versus the US dollar, 3.5% against the pound and 3.7% to the euro.
This follows an injection of a total of US$425.50 million by the Bank of Ghana into the retail market.
The 124th Monetary Policy Committee (MPC) meeting will begin on Wednesday 21st May, 2025, to 23rd May 2025, with the policy decision set for 26th May, 2025.
Accordingly, the Bank of Ghana would release the Summary of Economic and Financial Data before the announcement of a policy rate.
Databank Research said this dataset, particularly the update on international reserves position, will offer valuable insights in assessing the capacity of the BoG to sustain its foreign exchange interventions and support for the cedi.
“In the near term, we expect the Ghana cedi to maintain a cautious upward trajectory underpinned by improving liquidity conditions and data-driven sentiments ahead of the MPC decision”, it pointed out.
Some analysts have questioned the sustainability of the cedi in the medium term. However, the Bank of Ghana believes the cedi’s recent strengthening will continue for a long time.
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