The Ghana cedi has remained under pressure over the past two weeks, extending its year-to-date depreciation against the US dollar to 10.04%.
In the interbank market, the cedi weakened by 1.39% against the dollar to trade at GH¢11.62 to one US dollar.
However, the local currency gained 0.70% against the British pound and 0.47% against the euro, trading at GH¢15.40 and GH¢13.24 respectively.
Performance on the retail forex market was mixed. The cedi appreciated by 0.21% against the US dollar and 0.91% against the euro, trading at GH¢11.93 and GH¢13.73 respectively.
It, however, weakened by 0.31% against the pound to GH¢15.88.
Databank Research attributed the cedi’s weakness against the dollar to sustained foreign exchange demand from the energy and manufacturing sectors.
The pressure comes amid relatively tight supply on the interbank market, despite about 445 million dollars in foreign exchange support from the Bank of Ghana so far in September 2026.
The amount is below the Bank’s 500-million-dollar target for the month.
Databank Research also said the US dollar’s strength following the Federal Reserve’s September rate hike added further pressure on the cedi, while weakness in the pound and euro provided some support through cross rates.
The research firm expects the cedi to maintain a mild depreciation trend as seasonal foreign exchange demand increases ahead of the festive period.
Meanwhile, the cedi began the week trading at about GH¢11.90 to one US dollar at forex bureaux.
Source: Wesleyannews.com
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