In a span of about two months, the value of the Ghana cedi has appreciated drastically against major trading currencies.

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As of May 21, the average interbank rates used by commercial banks for transactions at the close of business showed the US dollar buying at GH₵11.84 and selling at GH₵11.85.

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The British pound is buying at GH₵15.83 and selling at GH₵15.84. The euro is currently being bought at GH₵13.33 and sold at GH₵13.34.

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The cedi has gained significant value, almost 19%, between April and May.

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The Bank of Ghana (BoG) has assured it will keep to the monetary and fiscal reforms that are responsible for the stability of the cedi to end its volatility.

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According to the Governor of the BoG, Dr. Johnson Asiamah, the central bank plans to implement a series of reforms aimed at monitoring the forex market.

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This, he explained, will aid in preventing illegal activities that could weaken the cedi as well as destabilize the market.

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The BoG Governor made these statements at the opening of the bank’s 124th Monetary Policy Committee meeting at the Bank Square on Wednesday, May 21.

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The BoG governor attributed the sharp appreciation to the "combination of factors, including prudent monetary policy, improved market sentiment and external sector gains".

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According to Forbes, the dollar has depreciated by 8% in 2025, whereas gold prices have hiked by 23%.

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This has been reported as investors seek safe-haven assets.

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Meanwhile, the former Vice President Dr. Mahamudu Bawumia, has asserted that the National Democratic Congress (NDC) administration's policies are not influencing the cedi positively.

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“If you are to ask the NDC to point out exactly what policy they have implemented that has resulted in the appreciation of the cedi, they cannot tell you one that has been implemented, not sort of talked about, but actually implemented. They cannot tell you one such policy," the former Vice President said.

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However, acting Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has insisted that the cedi appreciating against the dollar is due to the National Democratic Congress' (NDC) deliberate policies.

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In a Facebook post on Wednesday, May 20, Sammy Gyamfi outlined a stringent monetary policy stance, fiscal consolidation by the Ministry of Finance, and robust forex inflows and accelerated foreign reserve accumulation as factors influencing the cedi's stability.

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