The Ghana cedi recovered strongly against the US dollar in the last two weeks.
The local currency’s Year-To-Date losses reduced significantly from about 11% to roughly 6% over the two-week review period, supported by strong foreign exchange supply from the Bank of Ghana.
In the interbank market, it strengthened by 5.66% against the US dollar, 6.76% against the British pound, and 6.24% against the euro, settling at midrates of GH¢11.22 to one American greenback, GH¢14.83 to a pound, and GH¢12.86 to a euro, respectively.
This was mirrored in the retail market, where the cedi firmed by 2.07% against the US dollar to GH¢12.05 to a US dollar, and by 2.19% and 2.25% against the pound and euro, closing at GH¢16.00/pound and GH¢13.90/euro, respectively.
“The outcome fell below our earlier expectations following stronger-than-anticipated FX [forex] interventions by the Bank of Ghana. We had estimated lighter interventions in early June 2026, with larger interventions later in the month, but sizeable discounted FX liquidity injections disrupted this path, easing speculative pressures and driving an average 6% appreciation”, said Databank Research.
Historically, it said, episodes of intermediation in the US$1.2-1.5 billion range have improved market stability and reduced speculative demand”.
With a significant share of the June 2026 US$1.2 billion allocation yet to be disbursed, analysts expect further foreign exchange supply to support the cedi firmly toward the GH¢10.90 per US dollar region in the coming weeks, conditional on sustained forex liquidity inflows.
Meanwhile, the cedi began this week going for GH¢12.10 to one US dollar in the market. Its year-to-date gain stands at 0.62%.
In the interbank market, it is going for GH¢11.22 to one American greenback.
