The Ghana cedi will finish this yr at GH¢15.50 to 1 US greenback, with an annual common of GH¢15.30/US dollar, Fitch Options has predicted.
That is far greater than the GH¢14.00 end-of-year forecast by Absa Financial institution. The native unit nevertheless began the yr buying and selling at GH¢15.83 to 1 American dollar.
In its newest report, dubbed “Excessive gold costs will defend Ghanaian economic system from tariff fallout”, the UK-based agency mentioned it anticipated the Financial institution of Ghana to deal with protecting the cedi steady, facilitated by elevated gold costs.
The report nevertheless said that “this is not going to be sufficient to protect the soundness of the cedi for all the yr.”
“We anticipate the BoG to deal with protecting the cedi steady, facilitated by elevated gold costs. Amid ongoing uncertainty surrounding US commerce coverage, market expectations of rate of interest cuts by the US Federal Reserve, and continued geopolitical tensions, our commodities group forecasts that gold costs will common a report US$3,100 per ounce this yr – up 29.7 per cent from 2024,” the report mentioned.
“Coupled with a decrease power import invoice resulting from declining oil costs, this can drive Ghana’s present account surplus to an all-time excessive of 6.9 per cent of GDP [Gross Domestic Product] in 2025,” it mentioned.
The report mentioned it anticipated foreign change reserves to extend from US$6.4 billion to US$11.5 billion.
“The strengthened exterior place will allow the BoG to mitigate any bouts of cedi volatility stemming from international risk-off sentiment,” the report mentioned.
The Ghana cedi continued to realize additional floor in opposition to the US greenback, appreciating by 17.17 per cent as of Monday.
It went for GH¢13.50 to 1 American dollar within the retail market, cementing its place because the world’s finest foreign money.
BY TIMES REPORTER
