The Ghana cedi’s strong rally steadied over the past two weeks as market momentum cooled across both interbank and retail markets.

On the interbank market, the local unit closed at a midrate of GH¢10.92 to one US dollar, depreciating by 0.64% from GH¢10.85 to a dollar.

The pound fell by 0.37% to GH¢14.37 from GH¢14.42, while the euro edged up 0.22% to GH¢12.64 from GH¢12.61.

In the retail market, the US dollar/Ghana cedi pair closed at GH¢11.95 (up 2.51% from GH¢12.25), while the pound/cedi and euro/cedi pairs settled at GH¢15.45 (up 5.18% from GH¢16.35) and GH¢13.65 (up 4.40% from GH¢14.25), respectively.

As broadly expected, the strong appreciation of the cedi moderated as sell-offs eased and buyers were drawn to discounted opportunities.

“We believe the cedi’s gain in the retail market most likely reflects retailers recalibrating rates from elevated levels amid relatively weak demand, as participants favoured interbank rates”, Databank Research stated.

“Looking ahead, we foresee modest pressure on the cedi as foreign exchange supply tightens ahead of the expected US$385 million inflow post-International Monetary Fund board approval in December 2025. Despite well-anchored expectations from stronger FDIs [Foreign Direct Investments] and the S&P credit upgrade, we believe a measured reduction in BoG [Bank of Ghana] interventions to support export competitiveness and protect local producers may temper further cedi gains in the near term”, it added.

Meanwhile, the local currency began this week going for GH¢11.95 in the retail market. On the interbank market, the cedi is selling at GH¢10.92.