Ghana Cedi Records Marginal Dip as Forex Market Maintains Relative Stability
The Ghana cedi has posted a slight decline against major foreign currencies over the past two weeks, reflecting ongoing pressure from import demand and cautious foreign exchange supply conditions, despite expectations that the local currency will remain relatively stable in the near term.
Latest market data show the cedi weakening modestly across both interbank and retail forex markets, with the US dollar currently trading at approximately GH¢11.90 at forex bureaus at the start of this week.
In the interbank market, the local currency depreciated by 1.64% against the US dollar to close at GH¢11.28. It also lost 2.46% against the British pound to trade at GH¢15.36 and weakened 2.15% against the euro to settle at GH¢13.28.
Similarly, in the retail market, the cedi recorded a marginal decline of 0.84% against the dollar, trading at GH¢11.83. Against the pound and euro, the local currency slipped slightly to GH¢15.80 and GH¢13.75 respectively. Despite the recent correction, analysts say the cedi’s performance remains largely within market expectations.
According to Databank Research, the currency’s movement reflects persistent import-driven demand for foreign exchange, coupled with restrained forex supply and investor caution linked to recent concerns surrounding the financial position of the Bank of Ghana.
However, the research firm maintains that broader market sentiment remains relatively anchored, supported by strong reserve buffers and expectations of additional external support from the International Monetary Fund (IMF).
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Analysts believe the anticipated approval of the US$385 million tranche under Ghana’s IMF Extended Credit Facility (ECF) programme could provide significant forex liquidity support and strengthen market confidence in the coming weeks.
Databank Research noted that while short-term fluctuations may continue, volatility is expected to remain contained, with the cedi projected to trade within a GH¢10.95 to GH¢11.35 range against the US dollar over the next fortnight.
Meanwhile, the cedi’s overall year-to-date depreciation averaged 7.8% against major trading currencies as of May 8, 2026, compared to 2.5% during the same period in 2025.
In the retail market, however, the local currency still maintained a year-to-date appreciation of 2.53%, highlighting pockets of resilience amid ongoing macroeconomic adjustments and forex market pressures.
