Cedi’s Winning Streak Faces Setback as Imports Drive Dollar Demand

Accra, September 3, 2025

The Ghanaian cedi, which has ranked among the world’s best-performing currencies this year, has come under renewed pressure as importers rush to secure US dollars ahead of the holiday season.

The Bank of Ghana intervened with a US$208 million foreign exchange forward auction, more than double its usual size, to stabilise the market. Bids cleared between GH¢11.80 and GH¢12.15 to the dollar, with trades closing around GH¢12.05–12.15.

From Record Gains to Fresh Pressures

The cedi has gained over 40% against the US dollar in 2025, lifted by tight monetary policy, stronger remittances, IMF support, and higher gold prices. That rally placed it at the top of global currency rankings. But the latest surge in import-related dollar demand has cut into those gains, underlining the currency’s vulnerability to seasonal pressures.

Central Bank Stands Firm

By scaling up its FX auction, the Bank of Ghana signalled its readiness to contain volatility and maintain market liquidity. Analysts note, however, that continued pressure from importers could test the limits of intervention and weigh on the cedi’s outlook in the months ahead.

Bottom line: After months of world-beating gains, the cedi now faces its first real test. How the Bank of Ghana manages seasonal import pressures will be critical to determining whether the currency’s 2025 rally can be sustained.

Source: Bloomberg, Bank of Ghana