The Bank of Ghana (BoG) is warning that pressures from dividend payments scheduled for February 2026 and March 2026 may pose downside risks to the Ghana cedi.

According to its January 2026 Monetary Policy Report, a fall in gold prices due to strengthening global economic conditions or a de-escalation of geopolitical tensions could also pose downside risks to the Ghana cedi.

In the domestic forex market, the local currency came under some marginal pressure in early 2026 after an impressive performance in 2025.

Demand pressures, largely from energy, commerce, and manufacturing, were partly offset by BoG foreign exchange intermediation, mining and remittance flows, and export proceeds from other corporates.

The Central Bank said in the near term, the cedi is expected to remain stable, supported by continued BoG forex intermediation and strong reserve buildup.

It pointed out that proposed government infrastructure bonds to be issued in 2026 could further support the cedi.

“Furthermore, the final tranche of the IMF loan flows from other external partners, and continued fiscal discipline will support the currency. Additionally, the dollar's weakness, stemming from the Fed’s dovish outlook, as well as concerns about the Fed’s independence, will support the cedi”, it concluded.

In 2025, the cedi appreciated by 40.67%, 30.89% and 23.97% against the dollar, pound, and euro, respectively, on a year-to-date basis in the interbank market.

This is against depreciation of 19.18%, 17.76%, and 13.72% against the dollar, pound, and euro, respectively, during the same period in 2024.