Audio By Carbonatix
The Ghana cedi extended its mild correction over the two-week review period, weakening across major trading pairs in both interbank and retail markets.
In the interbank market, it depreciated 1.64% against the dollar to GH¢11.28, while losing 2.46% against the pound to GH¢15.36. It also lost 2.15% against the euro to trade at GH¢13.28.
In the retail market, the local currency slipped 0.84% against the dollar to GH¢11.83. It also recorded marginal losses against the pound and euro to sell at GH¢15.80 and GH¢13.75 respectively.
The year-to-date depreciation averaged 7.8% against all the major foreign currencies as of 8th May 2026, compared to 2.5% over the same period last year.
Databank Research said the performance of the cedi is broadly in line with its forecast.
“We believe this reflects a mix of sustained import demand and cautious FX [forex] supply conditions, with sentiment further influenced by recent financial position concerns of the Bank of Ghana”.
Nonetheless, it said expectations of a rebound remain anchored on strong reserve buffers and anticipated International Monetary Fund (IMF) approval of the US$385 million Extended Credit Facility (ECF), which should create room for stronger foreign exchange support.
“Overall, we maintain our view of contained volatility, with the cedi expected to remain steady within a GH¢10.95-11.35 to a US dollar range by the close of the next fortnight”.
Meanwhile, the local currency began this week going for GH¢11.90 to one dollar at the forex bureaus.
Its year-to-date appreciation stood at 2.53% in the retail market.
Latest Stories
-
Apple’s Tim Cook sees Australia’s social media curbs as ‘world-leading’, PM says
12 minutes -
Amazon raises minimum hourly pay by $1 to $20 for US operations workers
23 minutes -
Insurance cost has largely remained stable – NPA boss on transport fare pressure
34 minutes -
Multiple unions threaten strikes at Barrick’s flagship Mali gold mine, documents show
53 minutes -
Infantino invited to African summit as he faces challenge to FIFA leadership
1 hour -
NPA boss flags ‘recalcitrant’ transport operators raising fares arbitrarily
1 hour -
GPRTU fare hike put on ice after talks with government – NPA boss reveals
2 hours -
I’m greatly worried – NPA boss on threat of higher transport fares
2 hours -
We are largely import-dependent – NPA boss on Ghana’s fuel vulnerability
2 hours -
Ghana’s fuel market is built for turbulence – NPA’s Edudzi Tamakloe explains why
3 hours -
Postponement not an option as Kenya races to be ready for Afcon 2027
3 hours -
ICE agent shoots and wounds man in Texas as locals demand answers
3 hours -
Ed Sheeran admits ‘mistakes’ at first show since Macklemore controversy
3 hours -
We are ready for the turbulence – NPA boss on Ghana’s fuel crisis
4 hours -
Lady I wanted serious relationship with said she’s not ready – Rema
4 hours