Ghana's legal tender, the cedi, continues to observe unprecedented appreciation in its value against major trading currencies in a span of about two months.

As of Friday, May 23, the average interbank rates used by commercial banks for transactions at the close of business showed the US dollar buying at GH₵10.94 and selling at GH₵10.95.

The British pound is buying at GH₵14.77 and selling at GH₵14.78. The euro is currently being bought at GH₵12.40 and sold at GH₵12.41.

The last time a dollar was worth about GHC10 was three years ago under the Akufo-Addo-led government.

So far in 2025, the cedi has gained significant value, almost 19%, between April and May. 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.

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

The Bank of Ghana (BoG) has indicated that it is focused on stabilizing the Ghanaian economy rather than aiming for a specific exchange rate for the cedi's appreciation.

"As much as we don’t want to see the Ghana cedi depreciate excessively, we don’t keep a target rate that we want to defend,” the BoG governor added.

Meanwhile, the Monetary Policy Committee has kept the policy rate unchanged at 28 percent. Dr Asiama explained that the committee took the decision in anticipation of the inflation rate declining at a faster rate.

“Despite these positive developments, the committee observed that the current level of inflation remains high relative to the medium-term target and will require maintaining the policy rate at 28.0%,” he said.

Ghana’s inflation stands at 21.2 percent as of April 2025. President John Mahama has projected that single-digit inflation will be reported by the country at the end of the first half of the year.

In an address at the Ghana-EU Business Forum held at the Kempinski Hotel in Accra yesterday, President Mahama stated that his government will achieve this feat by effecting a tighter monetary policy rate, cutting expenditure, and reducing debt accumulation.

President Mahama noted there are positive signs that the country is recovering in a disciplined and inclusive way, pointing to the fact that Ghana’s international reserves have increased from $8.9 billion in December 2024 to $10.6 billion by April 2025. This is equivalent to almost five months of import cover.

During the 2025 budget presentation on March 11, Finance Minister Dr. Cassiel Ato Forson announced the government’s objective to reduce inflation to 11.9% by the end of the year.