Cedi remains under pressure due to Christmas demand; going for GH¢11.90 at forex bureaus
Retail forex market performance was similarly mixed, with the cedi appreciating 0.21% against the US dollar and 0.91% against the euro to GH¢11.93 and GH¢13.73, respectively. It weakened 0.31% against the pound to GH¢15.88.
Over the past fortnight, the cedi has continued to weaken, marking its year-to-date depreciation against the US dollar at 10.04%. In the interbank market, the currency slipped by 1.39% to reach GH¢11.62 per US dollar, while gaining slightly against the pound and euro. Retail forex market activity, however, was more unpredictable, with the cedi appreciating against the US dollar and euro, but weakening against the pound.
Databank Research attributes the cedi's decline against the US dollar to persistent demand from the energy and manufacturing sectors. Despite interbank supply being relatively constrained, with about US$445 million in Bank of Ghana forex support received in September 2026, it remains below the US$500 million target. Internally, the Federal Reserve's September rate hike and the resultant dollar strength have exacerbated the pressure on the cedi. Meanwhile, the depreciation of the pound and the euro has offered some cross-rate relief.
Looking forward, analysts from Databank Research anticipate the cedi to stay on a slight depreciation trajectory as festive season forex demand increases. As of the beginning of the week, the cedi was trading at approximately GH¢11.90 per US dollar at forex bureaus.
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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