The Ghana Cedi recorded another marginal depreciation on Friday, August 29, 2025, according to the latest exchange rates from the Bank of Ghana (BoG).
The Cedi is currently trading at:
- ₵11.2444 to the US Dollar (buying) and ₵11.2556 (selling)
- ₵15.1956 to the British Pound (buying) and ₵15.2120 (selling)
- ₵13.1291 to the Euro (buying) and ₵13.1410 (selling)
This marks a decline from the previous day (Thursday, August 28), when the Cedi traded at ₵11.0445 (buying) and ₵11.0555 (selling) to the Dollar, and from Wednesday, August 27, when it traded at ₵10.9745 (buying) and ₵10.9855 (selling).
The steady depreciation has raised concerns among traders, although the Ghana Union of Traders’ Associations (GUTA) has urged the business community to remain calm, assuring that the situation is not severe enough to destabilize market activities.
Bank of Ghana’s Measures to Stabilize the Cedi
In response to the currency’s decline, the Bank of Ghana has reiterated its commitment to stabilizing the Cedi and warned against illegal foreign exchange practices.
In a statement issued on Wednesday, August 27, 2025, the central bank reminded the public that the Ghana Cedi remains the sole legal tender under the Foreign Exchange Act, 2006 (Act 723).
The BoG emphasized that it is illegal for individuals or institutions without authorization to price, invoice, or accept payments in foreign currencies, including the US Dollar, for goods and services within Ghana.
Prohibited transactions include:
- Payment of school fees
- Vehicle sales and rentals
- Real estate sales and rentals
- Airline tickets
- Domestic contracts
- Retail shopping
- Online sales
- Hotel accommodation
According to the Bank, only expatriates and non-residents may be invoiced in foreign currency, with payments required to be deposited into Foreign Exchange Accounts (FEA) at licensed banks.
The BoG further clarified that exchange rates on such invoices must reflect prevailing commercial bank rates, benchmarked against the Bank’s published reference rate.
Warning on Enforcement and Sanctions
The central bank has pledged to enforce the forex regulations strictly, cautioning that offenders will face sanctions and prosecution in accordance with Act 723.
Despite the Cedi’s recent losses, the Bank of Ghana has assured that it is implementing measures to support the currency and maintain stability in Ghana’s financial markets.
