The Bank of Ghana (BoG) expects the cedi to remain relatively stable for the rest of 2026 despite renewed demand for foreign exchange to finance imports ahead of the Christmas season.

In its latest Monetary Report, the central bank said it expects the local currency to remain stable over the medium term.

“Over the medium term, the Ghana cedi is expected to remain relatively stable,” the Bank stated.

It said foreign exchange interventions and remittance inflows would help ease pressure on the currency.

“FX intermediation is expected to moderate the pressures on the cedi, along with remittance flows,” it added.

The outlook comes amid renewed demand for dollars from businesses seeking to finance imports ahead of the December festivities.

Cedi outlook

The Bank of Ghana believes the cedi has recovered from the pressure it faced earlier in May.

Market supply is also expected to improve in the coming months.

The central bank is expected to supply about US$500 million to the market in September through its foreign exchange intermediation programme.

The Ghana Gold Board is expected to provide additional support.

GoldBod is targeting US$1.4 billion in foreign exchange receipts in September as part of efforts to support market stability and build reserves.

Of this, US$700 million is expected to be made available to commercial banks through spot sales and funded forward arrangements.

Another US$700 million will be provided to the Bank of Ghana for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).

The Bank has also assured the market that it remains prepared to intervene when necessary to ensure orderly market conditions while preserving exchange rate flexibility.

Cedi performance

Despite the improved outlook, the cedi recorded significant losses during the first half of 2026.

On the interbank market, the currency depreciated by 7.9% against the US dollar, 6.5% against the pound and 5.3% against the euro on a year-to-date basis.

This contrasts sharply with the same period in 2025, when the cedi appreciated by 42.6% against the dollar, 30.3% against the pound and 25.6% against the euro.

The Bank of Ghana attributed the pressure earlier in the year partly to higher energy-related imports.

The cedi had depreciated by a cumulative 9.5% against the dollar as of July 17, 2026.

However, the central bank said the currency was less volatile during the first 140 trading days of 2026 than in the corresponding periods of the previous four years.

According to the latest figures, the cedi recorded a cumulative depreciation of 7.11% at the end of August.

Despite the losses, the Bank of Ghana maintains that increased foreign exchange supply and remittance flows should help moderate pressure on the currency in the months ahead.