The Ghana cedi’s appreciation against the US dollar and other major foreign currencies continues unabated, with the Bank of Ghana reporting further gains for the local currency.
As of May 20, 2025, the cedi strengthened to GHC12.22 per US dollar, marking an 8.44% year-to-date gain from GHC16.53 in November 2024.
This appreciation is attributed to several factors, including the Bank of Ghana’s US$490 million in forex interventions, increased gold reserves, and improved gross international reserves, which stood at US$9.4 billion in March 2025, up from US$6.2 billion a year prior.
However, the Bank of Ghana has announced further gains by the cedi on Thursday, May 22, 2025, with the cedi appreciating below the 12 cedi mark.
In a post made on his X on Wednesday, May 22, the National Communications Officer of the governing National Democratic Congress (NDC), Sammy Gyamfi, indicated that the continuous rise of the cedi against other currencies is not as a result of “gold reserve accumulation” as former Vice President, Dr Mahamudu Bawumia suggested.
Rather, Mr. Gyamfi says the cedi is making waves on the forex market due to high forex liquidity from the “unprecedented gold exports by the Ghana Goldbod” coupled with a “stringent monetary policy stance” by the Bank of Ghana, as well as resilient “fiscal consolidation” by the Finance Ministry.
As at Wednesday, May 22, the dollar, according to the Bank of Ghana’s data, was trading at GHC11.85 at the inter-bank rate, with the pound sterling and euros trading at GHC15.84 and GHC13.34 respectively. 
Sammy Gyamfi had earlier explained the three main policies the government has adopted to drive the cedi’s appreciation, amid claims by Dr Mahamudu Bawumia that the erstwhile Akufo-Addo administration should be credited for the feat instead of the NDC government.
Sammy Gyamfi: Recent cedi appreciation is a result of deliberate policy interventions by NDC gov’t
