The cedi continued its mild decline over the past two weeks, weakening against the major foreign currencies in both the interbank and retail markets.
In the interbank market, the cedi depreciated by 1.64% against the US dollar to trade at GH¢11.28.
It also fell 2.46% against the British pound to GH¢15.36 and declined 2.15% against the euro to GH¢13.28.
On the retail market, the local currency weakened by 0.84% against the dollar to GH¢11.83.
It also posted slight losses against the pound and euro, trading at GH¢15.80 and GH¢13.75, respectively.
As of May 8, 2026, the cedi’s average year-to-date depreciation against the major foreign currencies stood at 7.8%, compared to 2.5% during the same period in 2025.
According to Databank Research, the cedi’s recent performance is largely in line with expectations.
“We believe this reflects a mix of sustained import demand and cautious FX [forex] supply conditions, with sentiment further influenced by recent financial position concerns of the Bank of Ghana”.
However, Databank said it still expects the cedi to recover, supported by strong foreign reserve buffers and the anticipated approval of the International Monetary Fund’s (IMF) US$385 million Extended Credit Facility (ECF), which could improve foreign exchange support.
“Overall, we maintain our view of contained volatility, with the cedi expected to remain steady within a GH¢10.95-11.35 to a US dollar range by the close of the next fortnight”.
Meanwhile, the cedi opened this week, selling at GH¢11.90 to the dollar at forex bureaus.
Despite the recent losses, the local currency still recorded a year-to-date appreciation of 2.53% in the retail market.
