The Ghana cedi clawed back some gains across the interbank and retail markets over the past two weeks, largely reflecting subdued foreign exchange demand.

In the interbank segment, cedi recorded a 3.74% appreciation against the US dollar, closing the fortnight at a mid-rate of GH¢10.70, while it advanced y 4.27% and 4.81% against the pound and euro to settle at GH¢14.38 and GHS 12.47.

In the retail market, the cedi gained 1.65% against the dollar, 2.49% versus the pound, and 2.85% against the euro, closing at GH¢12.15 to a dollar, GH¢16.05 to one pound and GH¢14.05 to a euro.  

Meanwhile, the near-term pressure on the cedi as front-loaded import demand and the unwinding of year-end foreign exchange buffers will strain forex supply.

However, analysts expect dips to remain modest as market expectations temper on the gradual disbursement of the US$1.0 billion earmarked for January 2026, under the Foreign Exchange (FX) Intermediation Programme.

“While recent FED-Trump tensions over Powell's investigation may soften US dollar performance in the near term, we expect a weak multiplier effect from these dynamics as local demand pressures resurface”, said Databank Research.

The cedi, however, began this week going for GH¢12.25 against one American greenback in the retail market. The Bank of Ghana however quoting one dollar as GH¢10.71.