The cedi strengthened to 11.65 against the US dollar on Tuesday, September 29, according to the Bank of Ghana’s official rate. The pound was trading at 15.45 to buy and 15.47 to sell on the same day.
Bank of Ghana Governor Dr Johnson Pandit Asiama said the cedi has recorded significant recovery against major foreign currencies. He added that Ghana’s external reserves have grown and economic activity has gained momentum across several sectors.
Growth is becoming broader, Dr Asiama said during the launch of the Ghana Investment Promotion Centre’s 2025 Annual Investment Report. He pointed to improvements in services and agriculture, along with a gradual recovery in industry.
“These developments have contributed to creating a more stable and predictable environment for businesses and investors,” he said.
The cedi’s recent gains come after a period of volatility and depreciation against the dollar, which had raised concerns among businesses and consumers. The Bank of Ghana’s intervention, combined with stronger foreign reserves, appears to be supporting the currency’s recovery.
Agriculture, which employs a large portion of Ghana’s workforce, has shown signs of improvement. This helps increase foreign exchange inflow through exports like cocoa and other commodities. The service sector’s growth also contributes to the overall economic momentum.
The industrial sector, which includes manufacturing and mining, is slowly recovering from earlier setbacks. This gradual improvement adds to the broader growth picture.
Dr Asiama’s remarks suggest that the government’s economic policies and reforms are beginning to have an effect. A stable currency and predictable business climate are essential for attracting investment, both local and foreign.
The Bank of Ghana continues to monitor exchange rates and external reserves closely. Its goal is to maintain a stable monetary environment that supports sustainable economic growth.
While the cedi’s current rate is still subject to market forces, the recent trend signals a positive turn after months of pressure. This development will be watched closely by businesses, investors, and consumers alike as Ghana moves toward its 2025 economic targets.
According to 3News.
