The Ghana cedi gained 6.25% week-on-week against the dollar in the retail market, cementing its position as the best currency among a basket of 15 Sub-Saharan African currencies.
This took its year-to-date gains against the American greenback to 16.29%.
It traded at a mid-rate of GH¢13.60 to one dollar at the close of the week’s trading on the retail market.
The market remained liquid following an aggregate market supply of US$378.6 million.
The local unit also gained 7.61% week-on-week versus the pound and 5.81% to the euro.
The cedi began the week on May 12, 2025, selling at GH¢13.60 to one US dollar in the retail market. In the interbank market, it is going for GH¢12.89 to one dollar.
The Global Credit Rating Agency S&P Global Ratings upgraded Ghana’s long- and short-term foreign currency sovereign credit ratings to ‘CCC+/C’ from ‘Selective Default’. The agency also affirmed the country’s debt at “CCC+” and long- and short-term local currency ratings at ‘CCC+/C’, with a stable outlook on both the foreign and local currency ratings.
The firm attributed the upgrade to Ghana’s economic growth, ongoing fiscal reforms, and Ghana’s improved external position against high debt service costs, along with an improving track record of public financial management through election cycles.
Analysts see the upgrades as positive developments that will support the cedi’s stability in the near term. However, this week, they expect the cedi to continue gaining on improved sentiments and Bank of Ghana’s support.
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