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

The Ghana cedi has shown signs of strengthening over the past fortnight due to the support provided by Goldbod in the foreign exchange market. The local currency has managed to recover some of its earlier gains, bolstered by consistent forex supply from Goldbod's spot auctions. Its performance has been steady in the interbank market, while maintaining relative stability in the retail market.

In the interbank market, the cedi has appreciated by 0.09%, 0.14%, and 0.50% against the US dollar, the pound sterling, and the euro, respectively. The cedi's exchange rates in the retail market have remained largely unchanged, with the dollar and euro rates at GH¢12.08 and GH¢13.60, respectively. However, there has been a slight depreciation against the pound, dropping to GH¢16.00 from its previous rate.

On a month-on-month basis, the cedi's depreciation rate for the year has decreased by 0.69 percentage points to 10.07%, down from 10.76% in September 2026. Databank Research attributes this improvement to the substantial intermediation of $1.011 billion in October, conducted at a uniform market-clearing rate. This move is expected to anchor demand expectations and guide market pricing.

Looking ahead, the forecast suggests a modest appreciation of the cedi to around GH¢11.41 against the dollar by the end of the following fortnight. Despite the upcoming seasonal import demand pressures, the availability of US$800 million earmarked for commercial bank auctions from a gross intermediation of $1.2 billion in November 2026 is anticipated to maintain near-term exchange rate stability. As of the beginning of the current week, the cedi was trading at GH¢12.15 against the US dollar at forex bureaus.