Cedi depreciates further but maintains a firm grip on forex support
The retail market activity was subdued, with the cedi easing marginally by 0.21% against the US dollar to GH¢12.13 to one American greenback, while the pound and euro traded largely unchanged at GH¢16.05 to the pound and GH¢13.70 to the euro.
The Ghana cedi has seen a slight depreciation in the interbank market over the past two weeks, though it has remained relatively stable in the retail segment. The cedi depreciated by 0.47% against the US dollar, 1.36% against the pound sterling, and 1.58% against the euro, closing at mid-rates of GH¢11.69 to a US dollar, GH¢15.74 to the pound, and GH¢13.46 to the euro.
In the retail market, the cedi eased marginally by 0.21% against the US dollar, trading at GH¢12.13 per dollar, while the pound and euro remained largely unchanged. Despite the Bank of Ghana providing an estimated US$1.0 billion in forex support in July 2026, the cedi fell 2.91% month-on-month, reversing June's 3.35% appreciation.
Databank Research predicts that the Bank of Ghana's US$1.0 billion August FX intermediation, combined with the recent US$371 million IMF ECF disbursement, will provide a liquidity buffer and stabilize market expectations. However, commercial demand and energy-related imports are expected to keep the cedi on a mild weakening path, with upside in the US dollar/Ghana cedi likely capped near GH¢11.85 and downside supported around GH¢11.40/US dollar.
Brief written by urgent.news from MyJoyOnline Ghana's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
