The Ghana cedi depreciated by 3.1% to the US dollar in July 2026, reversing most of its June 2026 gain.

This took its year-to-date loss to 10.4% in the interbank market.

According to market analysts, the foreign exchange demand rebounded in July 2026 after June’s retreat, partly due to energy and other imports.

With Eurobond payment (US$700 million) and June’s US$811 million forex intervention trimming gross foreign reserves by US$1.2bn to USD$12.9bn, IC Insights expects the Bank of Ghana to continue its regular intermediation albeit with constrained intervention capacity.

This will leave the cedi to a slight downside risk in August 2026.

Meanwhile, the cedi is going for about GH¢12.42 in the retail market. In the interbank market, it is trading at GH¢

According to the Bank of Ghana, the cedi depreciated by approximately 8.4% against the US dollar in the interbank market in the first five months of 2026.

The poor performance has been due to sustained import demand and cautious forex supply conditions, with sentiment influenced by recent financial position concerns of the Bank of Ghana.