The Ghana cedi has strengthened over the past two weeks, supported by the Bank of Ghana’s foreign exchange interventions, which have helped stabilize markets and improve liquidity.

That’s according to Databank Research, which attributes the cedi’s firming to seasonal foreign exchange inflows from commodity exports, record gold prices above US$4,000 per ounce, and the central bank’s decision to double its FX auction frequency.

The USD/GHS interbank rate closed at GHS 12.17, from GHS 12.40, while the euro and pound sterling settled at GHS 16.25 and GHS 14.14 respectively on Monday.

In the retail market, the cedi gained further — appreciating 3.45%, 5.25%, and 4.67% against the dollar, pound, and euro to close at GHS 13.05, GHS 17.15, and GHS 15.00.

Analysts say the local currency continues to benefit from stronger inflows and improved market confidence following Ghana’s successful IMF fifth review.

The Bank of Ghana is also expected to provide robust market support in October to help sustain the momentum.

Meanwhile, the World Bank’s Africa Pulse Report ranks the Ghana cedi as Africa’s best-performing currency after the first eight months of 2025, appreciating by more than 20 percent since January.

The report attributes this performance to fiscal discipline, sound monetary policy, and renewed investor confidence following Ghana’s debt restructuring.

The central bank has also indicated plans to inject about $1.15 billion into the forex market to manage seasonal pressures.

But market watchers caution that sustaining these gains will depend on continued fiscal prudence, export diversification, and structural reforms to anchor long-term stability.