The Ghana cedi started 2025 on a losing streak, depreciating marginally by 0.38% to the US dollar in the retail market.

As a result, the local currency sold for GH¢15.80 to one US dollar at the forex bureau.

On the interbank market, the cedi went for GH¢14.70 to a dollar.

This is coming after the Bank of Ghana sustained its liquidity support to the foreign exchange market. The Central Bank had since November 2024 injected over $200 million into the FX market.

It is therefore unclear whether the losing trend will continue despite improved secondary reserves.

The cedi roared back in November 2024, appreciating by 6.6% month-on-month (-21.75% Year-To-Date) against the US Dollar despite the renewed global strengthening of the greenback on “Trump trade” and geopolitics.

Some analysts have forecasted that the cedi will strengthen against the dollar and the other major foreign currencies in the coming months.

Fitch Solutions said the cedi’s expected strong performance will be due to lower interest rates in the USA and a notable recovery in Ghana’s foreign reserves.

IC Securities also believed the cedi will perform better in 2025 due to the incoming government’s tight fiscal policy.

Meanwhile, the Ghana cedi ended 2024 with a Y-T-D loss of 21.58% (GH¢15.75).

It was the 3rd worst-performing currency in Africa among 15 top African currencies.

The naira was the worst-performing currency with a Y-T-D loss of 41.42%.

It was followed by the Egyptian pound (39.24%) that placed 2^nd.

The Kenyan Shilling (21.01%) was however the best-performing currency in Africa in 2024.