The Ghana cedi depreciated across both the interbank and retail markets last week following strong demand amid weak support for foreign exchange.

It declined in value by 6.58% against the US dollar, 6.20% against the pound, and 6.51% against the euro, to close trading at GH¢11.40, GH¢15.40, and GH¢13.34, respectively.

In the retail market, the cedi depreciated by 5.80%, 5.44%, and 4.53% against the dollar, pound sterling, and euro, respectively, settling at mid-rates of GH¢12.50/US dollar, GH¢16.55/pound, and GH¢13.35/euro.

On a month-on-month basis, the cedi slipped by 7.89% to the dollar, with the Year-To-Date gains trimming off to 28.95% from 40% recorded in July 2025.

“Mirroring our expectation, strong corporate demand pressures amid thin FX [foreign exchange] support and a resilient US dollar intensified nominal depreciations of the cedi”, Databank Research revealed.

Heightened expectations, driven by adverse regulatory tightening and weaker forex flows, further fuelled the weak trend.

“We expect mounting bids in the near term as importers prepare ahead of the festive season, sustaining pressure on the local currency. BoG’s tighter measures to curb FX [foreign exchange] leakages may take time to filter through, with any potential rebound by fortnight end contingent on stronger FX support, expectations of a Fed rate cut, and the US$ 4billion inflows to support cocoa purchases”, Databank Research added.

Meanwhile, the cedi started trading this week unchanged at GH¢12.70 (mid-rate: GH¢12.50) to one dollar.