Ghana's legal tender, the cedi, continues to observe unprecedented appreciation in its value against major trading currencies in a span of about two months.

As of May 21, the average interbank rates used by commercial banks for transactions at the close of business showed the US dollar buying at GH₵11.84 and selling at GH₵11.85.

The British pound is buying at GH₵15.83 and selling at GH₵15.84. The euro is currently being bought at GH₵13.33 and sold at GH₵13.34.

The last time a dollar was worth a little over GHC11 was in December 2023 under the Akufo-Addo-led government.

The average interbank rates used by commercial banks for the transactions at the close of business on December 27 two years ago saw a dollar selling at GHC11.65 and being bought at GHC11.63.

The value of the pound was, however, GHC14.91, and for the euro, GHC12.95.

So far in 2025, the cedi has gained significant value, almost 19%, between April and May.

The Bank of Ghana (BoG) has assured it will keep to the monetary and fiscal reforms that are responsible for the stability of the cedi to end its volatility.

According to the Governor of the BoG, Dr. Johnson Asiamah, the central bank plans to implement a series of reforms aimed at monitoring the forex market.

This, he explained, will aid in preventing illegal activities that could weaken the cedi as well as destabilize the market.

The BoG Governor made these statements at the opening of the bank’s 124th Monetary Policy Committee meeting at the Bank Square on Wednesday, May 21.

The BoG governor attributed the sharp appreciation to the "combination of factors, including prudent monetary policy, improved market sentiment and external sector gains".

According to Forbes, the dollar has depreciated by 8% in 2025, whereas gold prices have hiked by 23%.

This has been reported as investors seek safe-haven assets.

Meanwhile, the former Vice President Dr. Mahamudu Bawumia, has asserted that the National Democratic Congress (NDC) administration's policies are not influencing the cedi positively.

“If you are to ask the NDC to point out exactly what policy they have implemented that has resulted in the appreciation of the cedi, they cannot tell you one that has been implemented, not sort of talked about, but actually implemented. They cannot tell you one such policy," the former Vice President said.

However, acting Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has insisted that the cedi appreciating against the dollar is due to the National Democratic Congress' (NDC) deliberate policies.

In a Facebook post on Wednesday, May 20, Sammy Gyamfi outlined a stringent monetary policy stance, fiscal consolidation by the Ministry of Finance, and robust forex inflows and accelerated foreign reserve accumulation as factors influencing the cedi's stability.

The continuous appreciation of the cedi is yet to reflect in the day-to-day business activities of the average Ghanaian. There have been calls for a reduction in the prices of goods and services; however, businesses are quite skeptical of aligning with such a position. They have called for time to assess the stability of the cedi’s increase in value.

Meanwhile, transport operators are expected to decrease transport fares by 15 per cent effective Saturday, May 24, due to the fall in petroleum products - a situation that stemmed from the appreciation of the local currency.