According to data from Bloomberg and the World Bank, the cedi weakened by about 14% in Q3 2025, moderating its earlier record appreciation of over 40% by end-July to 21% by September.

However, new data from commercial banks show a 37% year-to-date (YTD) gain, suggesting the cedi appreciated by roughly 16% in the first half of October alone.

Between October 13 and 17, the cedi surged 9.5% against the U.S. dollar, marking one of its strongest weekly performances in recent years.

Market analysts attribute the rally to the Bank of Ghana’s (BoG) refined forex management strategy, which has shifted from weekly forex auctions to spot sales for commercial banks — a move industry players say has improved market efficiency and enhanced dollar liquidity.

The BoG’s tight monetary stance, coupled with fiscal discipline, robust export earnings and renewed investor inflows, has further supported the rebound of the local currency.

Despite the strong performance, the central bank has slowed direct dollar interventions, indicating confidence in the market’s stability and the effectiveness of recent reforms.

As of mid-October, the U.S. dollar was selling at around GH¢10.95 at commercial banks, while the interbank rateranged between GH¢10.70 and GH¢10.85.

At forex bureaus, the dollar traded between GH¢12.00 and GH¢12.40, reflecting a narrowing spread and improved forex stability.

Economists say if current policy consistency continues, the cedi could maintain its resilience through the end of the year.