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

The Ghana cedi experienced a strengthening trend against the US dollar over the past two weeks, thanks to Goldbod's support for the foreign exchange market. The local currency regained some of its lost value due to continuous forex supply from Goldbod's spot auctions. The improvement was seen in the interbank market, where the cedi appreciated by 0.09%, 0.14% and 0.50% against the US dollar, the pound sterling, and the euro, respectively.

In October 2026, the cedi depreciated by 0.69 percentage points in year-to-date depreciation, settling at 10.07% by the end of the month, compared to 10.76% in September. On a retail market basis, the dollar and euro exchange rates remained steady at GH¢12.08 and GH¢13.60, respectively, while the cedi depreciated against the pound by 0.63% to GH¢16.00.

Goldbod's intermediation of $1.011 billion in October, at a uniform market-clearing rate, is believed to have played a significant role in anchoring demand expectations and influencing market pricing. Looking ahead, the forecast points to a modest appreciation of the cedi towards GH¢11.41 against the dollar by the end of the next fortnight, despite the upcoming seasonal import demand pressures.

It is expected that with $800 million earmarked for commercial bank auctions from a gross intermediation of $1.2 billion in November 2026, sustained dollar liquidity will support near-term exchange rate stability.