FOREX REPORT|| 30TH APRIL 2025||

Source: oanda.com

Currency Market Commentary || Ghanaian Cedi (GHS) || March to April Performance|

In the month of April, the Ghanaian Cedi (GHS) recorded a strong and broad-based performance in the foreign exchange market, appreciating against ten out of Eleven major trading currencies on a month-on-month basis compared to March.

This upward movement reflects improving macroeconomic stability and continued investor confidence in the Ghanaian economy. The appreciation was most notable against the US Dollar (USD), Euro (EUR), British Pound (GBP), Chinese Yuan (CNY), Canadian Dollar (CAD), Japanese Yen (JPY), West Africa CFA Franc (CFA), South African Rand (ZAR), Nigerian Naira (NGN) and the New Zealand Dollar (NZD). Market Analysts have Attributed this to steady foreign exchange inflows, including remittances and export revenues, as well as active liquidity support from the central bank and BoG’s Gold Purchase Programme, which helped anchor inflation expectations and stabilize the local currency. This has boosted market confidence and tamed speculative activities.

However, the GHS registered a marginal depreciation against the Swiss Franc (CHF), reflecting continued global risk aversion that drove demand for safe-haven assets. The franc's relative strength was more reflective of external dynamics than domestic weaknesses.

Overall, April marked a positive month for the Ghanaian Cedi, reinforcing growing confidence in Ghana's economic outlook. Sustaining this momentum will require continued policy discipline, external inflows, and prudent fiscal management.

By Solomon Uwumbolibe Mensah