The Ghana cedi has recorded modest gains against the US dollar over the past 2 weeks, supported by foreign exchange inflows from the Ghana Gold Board’s (GoldBod) spot market auctions.
The local currency traded between GH¢12.08 and GH¢12.15 to the dollar across retail forex outlets during the period, while maintaining relative stability in the broader foreign exchange market.
In its latest market update, Databank Research said the cedi made marginal gains on the interbank market, although rates at retail forex bureaus remained largely unchanged.
According to the firm’s figures, the cedi appreciated by 0.09% against the dollar to trade at GH¢11.64 on the interbank market.
It also strengthened by 0.14% against the pound sterling to GH¢15.55 and gained 0.50% against the euro to GH¢12.98.
On the retail market, the currency maintained its position at GH¢12.08 to the dollar and GH¢13.60 to the euro throughout the two-week review period. However, it opened the new week at GH¢12.15 to the dollar at forex bureaus.
Its performance against the pound was less favourable, with the cedi depreciating by 0.63% to GH¢16.00.
Databank’s analysis further showed that the cedi’s year-to-date depreciation had narrowed to 10.07% at the end of October 2026, representing an improvement of 0.69 percentage points from the 10.76% recorded at the close of September.
The improved performance comes amid recent concerns over the cost of the currency’s earlier recovery. The Bank of Ghana disclosed that the appreciation of the cedi earlier in the year resulted in an accounting book loss of GH¢17.5 billion on its gold holdings.
The International Monetary Fund has also cautioned that Ghana’s macroeconomic stability is not yet self-sustaining.
Databank attributed the cedi’s recent resilience largely to foreign exchange inflows from GoldBod and its interventions in the spot market.
“We believe October’s US$1.011 billion intermediation, offered at a uniform market-clearing rate, significantly anchored demand expectations and guided market pricing,” the research firm stated.
Despite anticipated increases in import demand as businesses prepare for the Christmas trading season, Databank expects the cedi to make further modest gains in the near term.
The analysts projected that the currency could appreciate to approximately GH¢11.41 against the dollar by the end of the next 2 weeks, even as importers increase their stock levels ahead of the festive period.
“Looking ahead, our forecast points to a modest appreciation toward GH¢11.41 to a dollar by the end of the next fortnight, despite impending seasonal import demand pressures,” the analysts stated.
They also pointed to the Bank of Ghana’s planned allocation of US$800 million for commercial bank auctions from its projected US$1.2 billion gross foreign exchange intermediation for November 2026.
“With US$800 million earmarked for commercial bank auctions from a US$1.2 billion November 2026 gross intermediation, we expect sustained dollar liquidity to support near-term exchange rate stability.”