Economist and Lecturer at the University of Ghana Business School (UGBS), Prof. Agyapomaa Gyeke-Dako, has acknowledged that Ghana’s economic performance in the second quarter of 2026 was weaker compared to the first quarter but believes the overall outlook remains stable.
Speaking on Channel One TV’s Quarterly Economic Outlook on Thursday, July 9, she said that although the cedi experienced some pressure in recent months, the situation was not a major concern as the factors driving the pressure were largely temporary.
According to her, the recent movements in the exchange rate were influenced by increased demand for foreign exchange, particularly from foreign companies repatriating profits after completing their financial accounts.
She explained that such pressures are often expected during the second quarter, as companies typically repatriate profits after the first quarter, leading to increased demand for foreign currency.
Prof. Gyeke-Dako also identified global developments, including tensions in the Middle East, as another factor contributing to exchange rate pressures.
“You also look at what was happening with the conflict in the Middle East. We are a net importer of oil. About 20 percent of global crude passes through the Strait of Hormuz. Once there are disruptions over there, crude oil becomes limited in supply, driving up prices.
“Our importers therefore need more foreign exchange to import the oil, and that also contributed to the exchange rate pressures,” she said.
She, however, expressed confidence that Ghana’s improved foreign reserves and measures by the Bank of Ghana to manage the foreign exchange market would help contain pressures on the cedi.
According to her, the country’s stronger reserve position provides credibility and reassures investors about Ghana’s ability to meet its financial obligations.
Prof. Gyeke-Dako added that while the January to March period recorded stronger economic performance compared to April to June, the recent challenges should be viewed within the broader economic context and not as a sign of instability.
“So I think all in all, I am not really worried. January to March was better than April to June but I’m not very concerned,” she noted.
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