The Ghana cedi extended its mild correction over the two-week review period, weakening across major trading pairs in both interbank and retail markets.
In the interbank market, it depreciated 1.64% against the dollar to GH¢11.28, while losing 2.46% against the pound to GH¢15.36. It also lost 2.15% against the euro to trade at GH¢13.28.
In the retail market, the local currency slipped 0.84% against the dollar to GH¢11.83. It also recorded marginal losses against the pound and euro to sell at GH¢15.80 and GH¢13.75 respectively.
The year-to-date depreciation averaged 7.8% against all the major foreign currencies as of 8th May 2026, compared to 2.5% over the same period last year.
Databank Research said the performance of the cedi is broadly in line with its forecast.
“We believe this reflects a mix of sustained import demand and cautious FX [forex] supply conditions, with sentiment further influenced by recent financial position concerns of the Bank of Ghana”.
Nonetheless, it said expectations of a rebound remain anchored on strong reserve buffers and anticipated International Monetary Fund (IMF) approval of the US$385 million Extended Credit Facility (ECF), which should create room for stronger foreign exchange support.
“Overall, we maintain our view of contained volatility, with the cedi expected to remain steady within a GH¢10.95-11.35 to a US dollar range by the close of the next fortnight”.
Meanwhile, the local currency began this week going for GH¢11.90 to one dollar at the forex bureaus.
Its year-to-date appreciation stood at 2.53% in the retail market.
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