The cedi came under renewed pressure over the fortnight, partially reversing its 4.87% gain in August 2026 and extending its yield-to-date depreciation against the dollar to 8.77%.
In the interbank market, the cedi weakened 1.85% to GH¢11.46 to a US dollar, while depreciating 1.75% and 2.04% against the pound and euro to GH¢15.50 to the pound sterling and GH¢13.31 to the euro, respectively.
Retail forex movements were, however, relatively subdued, with the dollar, pound and euro closing at GH¢11.90 (+0.42%), GH¢15.93 (-0.16%) and GH¢13.68 (unchanged), respectively.
Databank Research believes the cedi’s weakness was largely front-loaded, with roughly 70% of the fortnight’s depreciation occurring in the first week.
“Pressure stemmed from strong corporate and offshore FX [Forex] demand, particularly for import payments, coupon repatriation and an early year-end inventory build-up, against a relatively tight interbank supply. At the same time, the BoG’s [Bank of Ghana’s] reportedly lower US$500mn September [2026] intervention target further reduced the near-term liquidity cushion”, it added.
Going forward, the research firm expects the cedi to retain a mild depreciation bias in the coming weeks. However, GoldBod’s planned US$700 million forex supply to commercial banks, together with continued BoG support and reserve accumulation, should improve market liquidity and help contain the risk of a disorderly adjustment.
Meanwhile, the cedi began this week going for GH¢11.95 to a dollar at the forex bureaus.
In the interbank market, the local currency is selling at GH¢11.46 to one American greenback.
Its year-to-date depreciation stood at nearly 9.0%.
