The cedi recorded a mild depreciation against the major foreign currencies over the past two weeks, weakening in both the interbank and retail markets.
Data from the interbank market showed the cedi falling by 1.64% against the US dollar to trade at GHS11.28 per dollar.
It also declined by 2.46% against the British pound to GHS15.36 per pound and by 2.15% against the euro to GHS13.28 per euro.
In the retail market, the cedi’s performance was relatively moderate. It weakened by 0.84% against the dollar to GHS11.83 per dollar and slipped slightly against the pound from GHS15.78 to GHS15.80 per pound.
However, it posted a marginal gain against the euro, improving from GHS13.78 to GHS13.75 per euro.
As of May 8, 2026, the cedi’s average year-to-date depreciation stood at 7.8%, compared to 2.5% during the same period in 2025.
According to Databank Research, the recent pressure on the cedi is largely in line with market expectations, as investors closely monitor the sixth review of Ghana’s IMF-supported programme, which is expected to conclude on May 15, 2026.
“Broadly in line with our forecast, the cedi suffered mild pressure ahead of the ongoing IMF sixth mission review, expected to close on 15 May 2026,” the report said.
Databank attributed the cedi’s performance to both strong demand for foreign exchange and cautious supply conditions in the market.
“We believe this reflects a mix of sustained import demand and cautious FX supply conditions, with sentiment further influenced by recent financial position concerns of the Bank of Ghana,” it added.
Despite the recent depreciation, the research firm said expectations for the cedi remain relatively stable, supported by the prospect of external inflows.
“Nonetheless, expectations of a rebound remain anchored on strong reserve buffers and anticipated IMF approval of the USD 385 million Extended Credit Facility (ECF), which should create room for stronger FX support,” the report noted.
Databank also expects exchange rate volatility to remain under control in the short term.
“Overall, we maintain our view of contained volatility, with the cedi expected to remain steady within a 10.95–11.35/USD range by the close of the next fortnight.”
