Cedi Depreciates Beyond GH¢11 to the Dollar, Analysts Call It Market Correction
The Ghana cedi has slipped past the GH¢11 mark against the US dollar on the interbank market, a movement analysts say reflects natural market corrections rather than an unexpected shock.
Figures released by the Bank of Ghana on Thursday, August 28, 2025, showed the dollar trading at GH¢11.0445 (buying) and GH¢11.0555 (selling). The British pound stood at GH¢14.8780 (buying) and GH¢14.8940 (selling), while the euro was quoted at GH¢12.8192 (buying) and GH¢12.8308 (selling).
Currency analyst Courage Boti told Citi Business News that the development was expected following the cedi’s earlier gains.
“Given the pace at which the cedi appreciated earlier, it was expected to retrace. Those affected by the movement will want to test the market’s resolve. This is natural,” he explained.
The depreciation has been linked to sustained foreign exchange demand, weak inflows, and global economic headwinds.
Traders and import-dependent businesses are likely to be the most affected, as higher exchange rates could push up the cost of fuel, food, and other essentials.
However, the Ghana Union of Traders Association (GUTA) has urged calm.
“If we are able to sustain levels around GH¢10.50 to GH¢10.60, then a move to GH¢11 should not cause alarm. Sometimes, it is negative speculation that worsens the depreciation,” said Joseph Obeng, President of GUTA.
The cedi’s trajectory will be closely watched in the coming weeks as the Bank of Ghana works to balance exchange rate stability with controlling inflationary pressures.
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