Cedi strengthens on GoldBod’s boost to forex liquidity; going for GH¢12.15 against a dollar at forex bureaus

The Ghanaian cedi exhibited a strengthening trend against the US dollar over the recent fortnight, fueled by Goldbod's contribution to the foreign exchange market. This improvement is primarily attributed to the continuous infusion of forex into the market courtesy of Goldbod's spot auctions. The cedi demonstrated a modest uptick in the interbank market, while its stability was maintained in the retail market.

In the interbank arena, the cedi's value surged by 0.09%, 0.14% and 0.50% against the US dollar, the pound sterling and the euro respectively. It exchanged hands at GH¢11.64, GH¢15.55 and GH¢12.98 against the US dollar, the pound and the euro respectively. However, in the retail market, the cedi's value remained constant at GH¢12.08 and GH¢13.60 for the US dollar and euro respectively, but it experienced a depreciation of 0.63% against the pound sterling, settling at GH¢16.00.

Over the span of a month, the year-to-date depreciation of the cedi has been reduced by 0.69 percentage points, settling at 10.07% by the end of October 2026, a decline from the 10.76% depreciation in September 2026. According to Databank Research, "We believe October's US$1.011 billion intermediation, offered at a uniform market-clearing rate, significantly anchored demand expectations and guided market pricing."

Looking forward, their prediction forecasts a modest appreciation towards GH¢11.41 to a dollar by the close of the next fortnight, notwithstanding the looming seasonal import demand pressures. With US$800 million earmarked for commercial bank auctions from a November 2026 gross intermediation of US$1.2 billion, they anticipate a sustained dollar liquidity to bolster the near-term exchange rate stability.

At the onset of the week, the cedi was fetching GH¢12.15 against the US dollar in the forex bureaus.