Cedi under fresh pressure as Christmas import demand drives dollar surge
The Ghana cedi is facing renewed pressure against the US dollar, recording its second monthly depreciation since May as demand for foreign exchange continues to rise.
The Ghanaian currency, the cedi, is experiencing renewed pressure against the US dollar, marking its second monthly depreciation since May. Market data indicates a 1.86% depreciation in July, following a 3.30% appreciation in June. This shift is primarily due to heightened demand for foreign exchange to finance energy imports ahead of the December Christmas shopping season.
Despite the Bank of Ghana's support through $2.01 billion of injections, the cedi continues to depreciate, with week-to-date and month-to-date declines of 0.52% and 1.66%, respectively. Year-to-date, the cedi has dropped by 8.06%. The Bank of Ghana anticipates the cedi will stabilize in the remainder of 2026, citing foreign exchange interventions and remittance inflows as key factors.
The central bank plans to supply $500 million in September via its foreign exchange intermediation program and the Ghana Gold Board is expected to contribute $1.4 billion in foreign exchange receipts, with $700 million to be provided to commercial banks.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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