The Ghana Cedi has recorded a mild depreciation across major trading pairs over the past two weeks, weakening across major trading pairs in both interbank and retail markets.
Data from the interbank market shows the cedi weakening by 1.64% against the US dollar to settle at GHS11.28/USD. It also declined by 2.46% against the British pound to GHS15.36/GBP and by 2.15% against the euro to GHS13.28/EUR.
In the retail market, the local unit recorded a more moderate performance. It slipped by 0.84% against the dollar to GHS11.83/USD, edged marginally lower against the pound from GHS15.78 to GHS15.80/GBP, but posted a slight gain against the euro, firming from GHS13.78 to GHS13.75/EUR.
On a year-to-date basis, the cedi has depreciated by an average of 7.8% as of May 8, 2026, significantly higher than the 2.5% recorded over the same period in 2025.
IMF review in focus
Databank Research notes that the recent pressure on the cedi is broadly in line with market expectations, with attention firmly on the sixth review of Ghana’s IMF-supported programme, scheduled to conclude on May 15.
“Broadly in line with our forecast, the cedi suffered mild pressure ahead of the ongoing IMF sixth mission review, expected to close on 15 May 2026,” the report said.
It attributes the trend to a mix of demand and supply dynamics in the foreign exchange market.
“We believe this reflects a mix of sustained import demand and cautious FX supply conditions, with sentiment further influenced by recent financial position concerns of the Bank of Ghana,” it added.
Outlook remains stable
Despite the recent weakness, expectations for the cedi remain relatively stable, underpinned by anticipated external inflows.
“Nonetheless, expectations of a rebound remain anchored on strong reserve buffers and anticipated IMF approval of the USD 385 million Extended Credit Facility (ECF), which should create room for stronger FX support,” the report noted.
It maintains that volatility will remain contained in the near term.
“Overall, we maintain our view of contained volatility, with the cedi expected to remain steady within a 10.95–11.35/USD range by the close of the next fortnight.”
