The Ghana cedi extended its depreciation trend over the past two weeks, but with notably milder swings.

The local currency recorded volatility of approximately 0.5% compared to a historical weekly average of approximately 2.1%.

In the interbank market, the Ghana cedi weakened by 0.54% to a mid-rate of GH¢11.09 against the dollar, while the pound and the euro declined by 0.95% and 0.47% to GH¢14.99 and GH¢12.99, respectively.

The retail rates mirrored this with steeper drops of 2.10% depreciation of the cedi to dollar to trade at GH¢ 11.93. The cedi also depreciated by 2.50% against the pound to sell at GH¢15.78, whilst the euro appreciated by 3.09% against the cedi to trade at GH¢ 13.78.

Since the beginning of the year, the cedi has lost approximately 2.55% of its value against the American greenback with a month-on-month depreciation of 0.79% between March 2026 and April 2026.

Broadly in line with its earlier view, Databank Research said the mounting import demand continues to weigh on the cedi as traders restock ahead of mid-year consumer demand.

“In the first week of the next review window, we expect this buy-side pressure, together with relatively cautious FX [foreign exchange] supply, to keep the market under mild strain.”

It added that the sentiment should improve in the second week if the IMF staff mission concludes positively, potentially unlocking about US$385 million, subject to IMF Board approval.

“We believe this would help ease negative expectations and give the Bank of Ghana more room to support the market, keeping the cedi fairly stable, reinforced by modest inflows from GoldBod. We forecast the pair to trade within GH¢10.95-11.35 band by the end of the fortnight”, it stated.

Meanwhile, the cedi began this week going for GH¢11.85 to the US dollar at the forex bureaus.