Cedi depreciated by 3.1% to dollar in July 2026, increasing year-to-date loss to 10.4%
The Ghana cedi depreciated by 3.1% to the US dollar in July 2026, reversing most of its June 2026 gain. This took its year-to-date loss to 10.4% in the interbank market. According to market analysts, the foreign exchange demand rebounded in July 2026 after June’s retreat, partly due to energy and other imports. With Eurobond […]
In July 2026, the Ghanaian cedi saw a depreciation of 3.1% against the US dollar, reversing most of its gains from the previous month. This depreciation pushed the year-to-date loss to 10.4% in the interbank market. Market analysts noted a rebound in foreign exchange demand in July, driven by increased imports of energy and other goods.
With the country's gross foreign reserves declining to USD$12.9bn after Eurobond payments and forex interventions, the Bank of Ghana anticipates continued regular intervention, albeit with limited capacity, which may result in a slight downside risk for the cedi in August 2026. The cedi is currently trading at approximately GH¢12.42 in the retail market.
The Bank of Ghana reported an interbank market depreciation of around 8.4% against the US dollar during the first five months of 2026, attributed to persistent import demand and cautious forex supply conditions, further complicated by concerns over the Bank's financial position.
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