The cedi remained under pressure over the fortnight, extending its year-to-date depreciation against the US dollar to 10.04%.

In the interbank market, the currency weakened by 1.39% to GH¢11.62 to a US dollar but gained 0.70% and 0.47% against the pound and euro to GH¢15.40 and GH¢13.24, respectively.

Retail forex market performance was similarly mixed, with the cedi appreciating 0.21% against the US dollar and 0.91% against the euro to GH¢11.93 and GH¢13.73, respectively. It weakened 0.31% against the pound to GH¢15.88.

Databank Research attributed the cedi’s weakness against the US dollar to sustained forex demand from the energy and manufacturing sectors.

This came against relatively tight interbank supply, despite about US$445 million in Bank of Ghana forex support so far in September 2026, compared with a US$500 million target.

Externally, the Fed’s September rate hike and subsequent dollar strength added further pressure on the cedi, while weakness in the pound and the euro provided some cross-rate support.

“Looking ahead, we expect the cedi to maintain a mild depreciation bias as seasonal FX demand builds into the festive period”, Databank Research said.

Meanwhile, the cedi began the week going for about GH¢11.90 to a dollar at the forex bureaus.