The Ghana cedi’s earlier rally has levelled off over the past two weeks, with momentum softening across both the interbank and retail FX markets.

On the interbank market, the cedi closed at GH¢11.12 to one US dollar, reflecting a 1.80% depreciation from GH¢10.92.

The pound, however, gained 1.26% to GH¢14.55 against the pound from GH¢14.37, while the euro edged up 1.49% to GH¢12.80 against the euro from GH¢12.61.

The retail segment showed a similar trend, with the cedi losing 1.24% against the dollar to GH¢ 12.10 to a dollar from GH¢11.95.

The pound advanced 2.22% to GH¢15.80 from GH¢15.45, while the euro gained 1.09% to GH¢13.80 from GH¢13.65.

Databank expects the cedi to remain under mild depreciation pressure in the near term as forex demand continues to outpace supply across both the interbank and retail markets.

“Seasonal pressures, particularly year-end corporate settlements and elevated import demand, are likely to keep the currency on the defensive in the coming weeks. In the coming weeks, we anticipate volatility to be contained ahead of the anticipated $385 million IMF [International Monetary Fund] disbursement in December 2025, which, following the October staff-level agreement, should proceed smoothly”.

It added that the inflow is expected to bolster reserves and temper depreciation pressures, offering modest support to the cedi as liquidity conditions improve.

Meanwhile, the cedi began this week going for GH¢12.10 against one US dollar.

Its year-to-date presently stands at 28% to one American greenback.