The Ghanaian cedi experienced another marginal depreciation against major currencies on Friday, September 5, 2025, according to the Bank of Ghana’s (BoG) daily interbank exchange rates.
The cedi was recorded as selling at GH¢11.9560 and buying at GH¢11.9440 against the US dollar, compared to Thursday’s rates of GH¢11.9060 (selling) and GH¢11.8941 (buying).
Against the British pound, it was selling at GH¢16.0617 and buying at GH¢16.0456, while the euro stood at GH¢13.9170 (selling) and GH¢13.9043 (buying).
The continued weakening of the cedi, which has seen a 12.87% depreciation against the US dollar over the past month, has raised alarm among Ghana’s trading community, with concerns over rising import costs and inflation pressures. A Bloomberg report cited on X labeled the cedi as the world’s worst-performing currency in the third quarter of 2025, intensifying public unease.
In response, the BoG has reiterated its commitment to stabilizing the currency, emphasizing that the Ghana cedi remains the sole legal tender under the Foreign Exchange Act, 2006 (Act 723). In a notice issued on August 27, 2025, signed by Secretary Mrs. Aimee V. Quashie, the central bank prohibited unauthorized foreign currency transactions, including pricing, invoicing, or advertising in foreign currencies like the US dollar for domestic goods and services such as school fees, vehicle sales, real estate, and retail shopping. The BoG specified that foreign currency invoices are permissible only for expatriates or non-residents, with payments required to be deposited into a Foreign Exchange Account (FEA) at licensed banks, benchmarked against the BoG’s published reference rate.
The central bank also intensified its regulatory enforcement, announcing the suspension of United Bank for Africa (UBA) Ghana’s Foreign Exchange Trading Licence for one month, effective September 18, 2025, due to multiple violations of forex market regulations. The BoG cited UBA Ghana’s unauthorized remittance activities with Payment Service Providers (PSPs) Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc., on behalf of Money Transfer Operators (MTOs) Taptap Send, Top Connect, Remit Choice, Send App, and Afriex. These MTOs’ remittance partnerships with UBA Ghana have also been suspended, with re-engagement subject to re-application post-suspension.
The BoG’s notice cautioned all foreign exchange market players to comply strictly with regulations, warning of sanctions and prosecution for breaches. This follows a similar suspension of five MTOs on September 4, 2025, for non-compliance with remittance guidelines, reflecting the central bank’s broader crackdown on unregulated financial activities.
Public sentiment on X highlights mixed reactions, with some users criticizing the cedi’s persistent depreciation—reaching GH¢11.8939 per US dollar on September 1, 2025—while others commend the BoG’s efforts to enforce compliance. One post noted, “The cedi’s fall is hurting businesses, but BoG’s actions might restore some order.” Despite these measures, analysts like Samuel Asiamah have projected the cedi could trade between GH¢10 and GH¢13 by year-end, depending on reserves and fiscal discipline.
The BoG’s interventions, including plans for a formal forex intervention framework by the end of September, aim to align interbank and retail market rates and curb black market activities. With Ghana’s foreign reserves at $11 billion and gold prices at record highs, the central bank has resources to stabilize the market, but sustained fiscal discipline and remittance inflows will be critical to reversing the cedi’s decline.
