Ghanaian Cedi Hits New Low Against US Dollar, Surpassing GH¢16 in 2025

Reports indicate that the Ghanaian cedi has hit a new milestone, surpassing GH¢16 to the US dollar for the first time in 2025, signaling ongoing volatility in the currency market.

Data from cedirates.com reveals that some forex bureaus are now selling $1,000 for as much as GH¢16,200, a significant jump in the value of the dollar compared to the cedi. While the cedi had shown slight improvements against major currencies, particularly the US dollar, since October 2024, it has once again faced challenges in the foreign exchange market.

As of January 14, 2025, at 8:00 AM, the Bank of Ghana’s official rates placed the buying rate of the US dollar at GH¢14.79, with the selling rate at GH¢14.80. In addition, the British pound was being traded at GH¢17.99 (buying) and GH¢18.01 (selling), while the euro stood at GH¢15.10 (buying) and GH¢15.12 (selling).

However, a further check at 8:20 AM on the same day revealed that the cedi was trading at GH¢15.85 to the dollar at various forex bureaus. Additionally, the pound was being bought for GH¢19.70, and the euro was priced at GH¢16.60.

To mitigate the cedi’s depreciation, the Bank of Ghana took substantial measures in late 2024, including selling over $200 million in foreign exchange reserves. Despite these interventions, the cedi’s volatility continues to affect the local economy, straining both businesses and consumers as the cost of imports rises and local purchasing power weakens.