Cedi wobbles as dollar climbs to GH¢13

The Ghana cedi is expected to weaken further on the interbank market, with analysts projecting it could fall to around GH¢12.20 and GH¢13.00 in the forex bureaus to the US dollar.

This anticipated depreciation comes as tight foreign exchange (FX) supply and strong corporate demand continue to weigh on the local currency.

The forecast follows a sharp depreciation in August, where the cedi fell to GH¢11.70 against the US dollar, largely due to limited FX liquidity.

As of September 5, the Bank of Ghana quotes the interbank rate at GH¢11.96, while forex bureaus are selling the dollar at approximately GH¢13.00.

According to IC Research, the analytical wing of IC Securities, market corrections are still underway, and the currency is likely to drift further.

“We expect further interbank weakness toward our fair value of GH¢12.20/US dollar ±0.50 as market correction continues amid tight FX supply and elevated FX demand,” the firm stated in its latest update.

Adding to the retail pressure is the Bank of Ghana’s recent clampdown on foreign currency cash withdrawals not backed by equivalent deposits.

This policy has contributed to pushing retail market rates even higher, with the dollar selling at around GH¢12.40 at some forex outlets.

Meanwhile, Bloomberg reported on September 4 that the cedi has depreciated by 13% in the third quarter alone, erasing part of the 50% gain recorded earlier in the year, which had been fueled by strong gold prices.

That surge briefly made the cedi the world’s best-performing currency during the second quarter of 2025.

Despite the recent slide, the cedi still holds a year-to-date gain of 20.35% as of September 5, reflecting its earlier strength.

However, current market trends suggest that the local currency may face continued pressure unless FX inflows improve and liquidity constraints ease.