Cedi weakens as forex demand outpaces interbank supply; one dollar equals GH¢11.95

The Ghanaian cedi experienced renewed pressure over the past two weeks, reversing its 4.87% gain in August 2026 and leading to a cumulative depreciation of 8.77% against the US dollar. The cedi's value in the interbank market fell 1.85% to GH¢11.46 per US dollar, while it weakened 1.75% against the pound and 2.04% against the euro to GH¢15.50 and GH¢13.31, respectively.

Retail forex movements were relatively stable, with the US dollar, pound, and euro trading at GH¢11.90 (+0.42%), GH¢15.93 (-0.16%), and GH¢13.68 (unchanged), respectively. According to Databank Research, the cedi's depreciation was largely front-loaded, with approximately 70% of the depreciation occurring in the first week. The pressure stemmed from strong demand from corporations and offshore markets for import payments, coupon repatriation, and an early-year-end inventory build-up, fueled by a relatively tight interbank supply.

Additionally, the Bank of Ghana's reportedly lower US$500 million intervention target for September 2026 further diminished the near-term liquidity cushion.

Looking ahead, Databank Research anticipates a mild depreciation bias for the cedi in the coming weeks. However, the planned US$700 million forex supply to commercial banks by GoldBod, coupled with ongoing BoG support and reserve accumulation, is expected to enhance market liquidity and mitigate the risk of a disorderly adjustment.

Meanwhile, the cedi opened at GH¢11.95 per US dollar at forex bureaus this week, while the interbank market price was GH¢11.46 per dollar. For the year to date, the cedi has depreciated by nearly 9.0%.