Weekly Currency News Report – Week 36 [September 7 2026]

In a week that saw Ghanaian authorities return to the domestic bond market to raise funds from both resident and non-resident investors, the Cedi continued to face severe headwinds, extending its losing streak across its three major trading partner currencies for the third consecutive time. Over the past few weeks, the Cedi has come under renewed pressure as the demand for forex picks up strongly, surpassing the central bank’s regular market interventions. The strong demand is stemming from increased import activities as traders prepare for the festive season, coupled with rising energy costs as the Middle East crisis rages on. In the World Bank’s 10th Ghana Economic Update report, the bank, while noting the local unit’s “sharp turnaround in 2025”, also observed that the Cedi experienced a substantial decline in the first half of the year, “driven by increased demand for FX from the energy sector and dividend payments by some private corporations.”

This notwithstanding, some expected inflows, including funds from the International Monetary Fund’s last tranche disbursement under the just-ended Extended Credit Facility programme and gold proceeds from Goldbod’s expedited gold trading activities over the remaining part of the year, are expected to boost the country’s reserves and strengthen the Cedi’s outlook. Offshore investors’ participation in last week’s four-year fixed-rate bond is also anticipated to shore up Ghana’s reserves to further reinforce the central bank’s scheduled interventions.

On the Bank of Ghana (BoG) interbank trading platform, the Cedi plummeted by 1.29%, 1.27%, and 1.41% to open the week at trade values of GHS 11.4007, GHS 15.4445, and GHS 13.2582 from last week’s opening trade quotes of GHS 11.2556, GHS 15.2514, and GHS 13.0745 against the Dollar, the Pound, and the Euro, respectively. The Dollar maintained its strong footing against most of its trading pairs, with its gains sustained this week after a strong August nonfarm payrolls report reignited expectations of a Federal Reserve interest rate hike in the near term.

On the Open Forex Market (oanda.com), the Cedi traded down by 1.83%, 1.73%, and 1.99%, having being offered for GHS 11.4760, GHS 15.5305, and GHS 13.3375 at the start of the week from last week’s opening trade values of GHS 11.2702, GHS 15.2671, and GHS 13.0775 against the Dollar, the Pound, and the Euro, respectively. The Euro gained against a basket of currencies, drawing support from the market getting over-hawkish ahead of next week’s European Central Bank meeting, where a hike is widely expected.

The Cedi was quoted at GHC 10.5053 on the first trading day of the year against the Dollar and is currently trading at GHS 11.4007, indicating a year-to-date (YTD) depreciation of 8.52% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.4760 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 9.03%.