The Ghana cedi has crossed GH¢11 to the US dollar, according to commercial bank quotes.

Checks by Joy Business show that while some banks are selling the dollar as high as GH¢11.30, others are quoting GH¢11.00.

However, the Bank of Ghana’s official rate as of yesterday pegged the dollar at GH¢10.90, while forex bureaus are selling around GH¢12.20.

Despite the recent pressures, a Databank Research report indicates that the cedi remains Africa’s best-performing currency against the dollar, appreciating about 36% year-to-date, though this is down from over 40% earlier in August.

Rising Demand, Limited Supply

Commercial banks attribute the pressure to the limited dollar supply from the Bank of Ghana alongside strong demand. Businesses are seeking dollars to finance Christmas imports, while others are buying in anticipation of future scarcity.

Data also shows that the central bank has scaled back supply through its forex auctions. Earlier this month, commercial banks demanded over $300 million, but only $100 million was supplied.

A report by IC Securities further revealed that forward sales in July 2025 fell by 53.6% compared to June, with the Bank of Ghana absent from the market on July 25 and 29 — the first time since April.

Response from Banks and BoG

Chief Executive of the Ghana Association of Banks, John Awuah, says banks are working with the central bank to address supply challenges and back recent regulatory measures to promote the cedi as the preferred transaction currency.

One such measure is limiting large foreign exchange withdrawals not backed by deposits.

The Bank of Ghana has acknowledged the recent pressure but rejects claims of a dollar shortage. Officials say some demand is speculative or not linked to genuine business needs.

The central bank insists it has sufficient reserves and will continue to intervene strategically, guided by data rather than sentiment.

BoG has also ruled out directly fixing the exchange rate, stressing that fluctuations are normal so long as they remain within control.

It points to new measures, including a crackdown on remittance inflow leakages, which are beginning to show positive results after sharp declines in April.