According to recent reports from Joy Business, the Ghanaian cedi has commenced the year 2025 on a losing streak, depreciating by 0.38% against the US dollar in the retail market.
As of January 2, 2025, the exchange rate stood at GH¢15.80 to one US dollar at forex bureaus, while the interbank market rate was GH¢14.70 to a dollar.
This development comes despite the Bank of Ghana’s sustained liquidity support to the foreign exchange market, with over $200 million injected since November 2024.
Analysts are now questioning whether this downward trend will persist, particularly in light of improved secondary reserves.
In November 2024, the cedi experienced a significant appreciation of 6.6% against the US dollar, despite the strengthening of the greenback globally.
Fitch Solutions and IC Securities have forecasted a potential strengthening of the cedi in the coming months, citing factors such as lower interest rates in the US and a notable recovery in Ghana’s foreign reserves.
In contrast, the Ghanaian cedi ended 2024 with a year-to-date loss of 21.58%, ranking as the third worst-performing currency in Africa among the top 15 currencies.
The Nigerian naira and Egyptian pound fared worse, with year-to-date losses of 41.42% and 39.24%, respectively. The Kenyan shilling emerged as the best-performing currency in Africa for 2024, with a year-to-date loss of 21.01%.
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