Cedi depreciated by 3.1% to dollar in July 2026, increasing year-to-date loss to 10.4%
According to market analysts, the foreign exchange demand rebounded in July 2026 after June’s retreat, partly due to energy and other imports.
In July 2026, the Ghana cedi experienced a 3.1% depreciation against the US dollar, contributing to a year-to-date loss of 10.4% in the interbank market. Market analysts attribute this decline to increased demand for energy and other imports in the latter part of the month. By July, foreign exchange reserves had shrunk due to Eurobond payments and previous interventions, dropping from USD$14.1bn to USD$12.9bn.
The Bank of Ghana anticipates ongoing regular interventions, but with limited capacity, which could keep the cedi slightly weaker in August 2026.
In the retail market, the cedi was trading at approximately GH¢12.42 per US dollar, while in the interbank market, its value was around GH¢12.78. The Bank of Ghana reported an 8.4% depreciation against the US dollar during the first five months of 2026, primarily driven by sustained import demand and cautious forex supply. However, the cedi's poor performance was also influenced by concerns over the Bank of Ghana's financial position.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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