The research firm highlighted that the reclassification of gold as a top-tier liquidity asset under Basel III “Endgame” reforms has strengthened global confidence in hard assets — a trend that could indirectly boost Ghana’s reserves and currency outlook.

Databank also cited the expected USD385 million disbursement from the International Monetary Fund (IMF) in December 2025 as a factor reinforcing its near-term optimism for the Cedi.

“In the coming weeks, we expect relative stability following the release of pent-up market momentum. Sustained foreign exchange inflows and renewed confidence ahead of the budget presentation should anchor this outlook,” Databank said in a statement.

The Cedi has recorded one of its strongest rallies in recent months, buoyed by improved market sentiment and steady central bank interventions. On the interbank market, it appreciated by 9.68% against the US dollar to GHS 10.85 per USD, 10.00% against the pound sterling to GHS 14.42 per GBP, and 9.16% against the euro to GHS 12.61 per EUR.

Retail market activity reflected similar momentum, with the local currency advancing 6.53% against the US dollar to close at GHS 12.25 from GHS 13.05, 5.54% against the pound to GHS 16.25 from GHS 17.15, and 5.26% against the euro to GHS 14.25 from GHS 15.00.

Databank attributed the Cedi’s sharp appreciation to improved foreign exchange liquidity from the Bank of Ghana (BoG), which helped ease negative sentiment and triggered corrective sell-offs by some market participants unwinding earlier long positions.

The firm concluded that while the Cedi’s recent gains may taper as market momentum cools, its outlook remains broadly positive, underpinned by policy support, confidence in Ghana’s hard assets, and favourable macroeconomic signals.