Ghana’s local currency (Cedi) has begun bowing to market pressure as demand for international trading currencies soars to cover the Christmas festive related imports as the year nears its end.
The Cedi, which, a fortnight ago, rallied to exchange with the US dollar at below GH¢11, is currently exchanging at GH¢12.10 on the black market as at press time on Friday November 28, 2025, with momentum softening across both the interbank and retail FX markets.
On the interbank market, the cedi closed at GH¢11.12 to one US dollar, reflecting a 1.80% depreciation from GH¢10.92.
The pound, however, gained 1.26% to GH¢14.55 against the pound from GH¢14.37, while the euro edged up 1.49% to GH¢12.80 against the euro from GH¢12.61.
The retail segment showed a similar trend, with the cedi losing 1.24% against the dollar to GH¢ 12.10 to a dollar from GH¢11.95.
The pound advanced 2.22% to GH¢15.80 from GH¢15.45, while the euro gained 1.09% to GH¢13.80 from GH¢13.65.
Databank Research, a local financial market analytic firm, expects the cedi to remain under mild depreciation pressure in the near term as forex demand continues to outpace supply across both the interbank and retail markets.
“Seasonal pressures, particularly year-end corporate settlements and elevated import demand, are likely to keep the currency on the defensive in the coming weeks. In the coming weeks, we anticipate volatility to be contained ahead of the anticipated US$385 million IMF [International Monetary Fund] disbursement in December 2025, which, following the October staff-level agreement, should proceed smoothly”.
It added that the inflow is expected to bolster reserves and temper depreciation pressures, offering modest support to the cedi as liquidity conditions improve.
Cedi records 32% appreciation
According to the Bank of Ghana’s November 2025 Summary of Economic and Financial Data, the cedi has recorded a 32.2% appreciation against the US dollar in the 11 months of 2025.
This is compared with 34.4% appreciation in October 2025 and 18.4% in September 2025.
It also appreciated by 18.8% to the euro on the interbank market in November 2025, going for GH¢12.80. However, it lost huge value between July and September 2025.
For the pound, the cedi also gained 26.4% in value. It consequently sold at GH¢14.55 on the interbank market.
On the interbank market, the cedi closed at GH¢11.12 to one US dollar, reflecting a 1.80% depreciation from GH¢10.92.
The retail segment also showed a similar trend, with the cedi losing 1.24% against the dollar to GH¢ 12.10 to a dollar from GH¢11.95.
By Adnan Adams Mohammed
