Ghanaians Concerned as Cedi's Value Drops Slightly in Latest Bank of Ghana Update
- Ghana's Central Bank has issued an update on the performance of the Ghanaian cedi in the forex market
- The latest Bank of Ghana data shows that the cedi has slightly depreciated against the dollar, raising alarm
- Netizens who saw the post were divided and expressed mixed reactions, as some lamented the development while others teased the government
Fear has gripped some Ghanaians after the Bank of Ghana dropped an update on the value of the Ghana cedi on May 30, 2025.
The data posted on its website and other social media accounts shows a slight depreciation in the value of the Ghana cedi.
Source: Getty Images
On May 29, 2025, the Ghana cedi was selling at GH¢10.27 per dollar and buying at GH¢10.28 per dollar.
However, on May 30, 2025, the figures have changed to GH¢10.29 per dollar and GH¢10.30 per dollar, respectively. This is the first drop in the value of the cedi in about two months.
Ghanaian cedi starts appreciating against the dollar
The Ghanaian cedi has recently gained some significant value. It was ranked as the best-performing currency in the world in April by Bloomberg, a respected global business news publisher.
Various factors were attributed to the development, including Donald Trump’s trade war against China. Others also have credited the Mahama-led administration for the development.
See the Bank of Ghana update on the value of the Ghana cedi:
Fuel prices drop after cedi appreciates
Following the rise in the value of the Ghanaian cedi, fuel prices dropped. On Friday, May 14, 2025, the Chamber of Oil Marketing Companies (COMAC) announced a reduction in the prices of petroleum products at the various pumps. This took effect on May 16, 2025.
The chamber attributed the development to the rise in the value of the Ghanaian cedi as well as the reduction in prices of finished petroleum products on the international market.
Subsequently, transport was reduced by 15%. Regardless of these developments, Ghanaians continue to lament economic hardships.
Despite nursing hopes of economic recovery, they believe that real progress can only be made with strong government policy reforms.
Source: Getty Images
Concern over cedi's slight depreciation
Netizens who saw the Bank of Ghana's post on the value of the Ghana cedi expressed mixed reactions in the comments section.
@Expert_davina wrote:
"Every good story has an end. Beginning of the end."
@al_varo777 wrote:
"Edey increase now."
@kinglucasJRR wrote:
"Does the pressure increase or decrease."
@goodhustleuk wrote:
"Forex market is not static, there will always be a marginal increase and decline, so relax."
@deadblack961 wrote:
"All these no dey concern me, make l USA 🇺🇸 embassy in Ghana give Ghanaians visa free so you can set it to $1: 999gh."
@KDOdame wrote:
"You guys are funny ooo. You are in the country but you don't know what is going on. We are protecting COCOBOD now."
Man who predicted Cedi’s rise makes forecast
Earlier, YEN.com.gh reported that a Ghanaian man who previously predicted the rise in the value of the Ghanaian cedi has issued another forecast.
In a video, the man popularly known on TikTok as Paddlemore noted that the cedi will gain more strength by the end of July, predicting GH¢3 to $1.
He further advised investors on what to do in his video, which has since gone viral and drawn various reactions.
Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.
Source: YEN.com.gh
