The Ghana cedi posted marginal losses against the world’s major trading currencies over the past two weeks, although it remained relatively stable in the retail foreign exchange market, supported by continued interventions from the Bank of Ghana.
Latest market data show the local currency weakened by 0.47% against the US dollar in the interbank market, ending the period at a mid-rate of GH¢11.69 to the dollar. It also fell 1.36% against the British pound to GH¢15.74 and lost 1.58% against the euro to close at GH¢13.46.
Activity in the retail market was largely subdued. The cedi edged down by just 0.21% against the US dollar to sell at GH¢12.13, while exchange rates against the pound and the euro remained broadly unchanged at GH¢16.05 and GH¢13.70 respectively.
Despite the relative stability in recent weeks, the cedi recorded a 2.91% depreciation against the US dollar in July 2026, reversing the 3.35% appreciation it achieved in June.
The decline came even as the Bank of Ghana injected an estimated US$1 billion into the foreign exchange market in July to improve liquidity. The July intervention was slightly lower than the US$1.2 billion provided in June.
According to Databank Research, the cedi’s performance has largely aligned with its earlier forecast that the dollar would trade within a narrow range of GH¢11.60 to GH¢11.70 during the review period.
Looking ahead, the investment firm believes the central bank’s planned US$1 billion foreign exchange intervention for August, together with the recent US$371 million disbursement under the IMF’s Extended Credit Facility (ECF), should help stabilise the market and support liquidity.
However, Databank cautioned that demand for foreign exchange from businesses, coupled with imports related to the energy sector, is likely to keep pressure on the local currency.
“We still expect underlying pressure from commercial demand and energy-related imports to keep the cedi on a mild weakening path,” the report said.
Even so, the research firm expects volatility in the foreign exchange market to remain limited, projecting the dollar to trade within a range of GH¢11.40 to GH¢11.85 over the coming weeks.
The cedi opened the new week at about GH¢12.15 to the US dollar.
Despite the recent losses, the local currency has still recorded a year-to-date appreciation of 0.41% against the US dollar.
