The Ghana cedi is expected to weaken further to about GH¢12.20 to the US dollar on the interbank market in September 2025, according to most analysts' expectations.

This is amid tight forex supply and elevated corporate demand.

The forecast is coming after the local currency depreciated sharply in August to GH¢11.7 to one US dollar due to tight foreign exchange liquidity.

“We expect further interbank weakness toward our fair value of GH¢12.2/US dollar ±0.5 as market correction continues amid tight FX supply and elevated FX demand”, IC Research, the research outfit of IC Securities, revealed.

The retail losses to GH¢12.4 per US dollar were amplified by the Bank of Ghana’s curb on foreign currency cash withdrawals that were not backed by equivalent foreign currency cash deposits.

Presently, the Bank of Ghana is quoting the local currency at GH¢11.96 to one American greenback on the interbank market.

However, the cedi is going for GH¢13.00 at the forex bureaus.

Bloomberg reported on September 4, 2025, that the local unit weakened by 13% so far in the third quarter of 2025.

That erased some of the cedi’s 50% gain that was underpinned by a stronger bullion price and saw it ranked as the world’s best performer in the three months through June.

The year-to-date gain stands at 20.35% as of September 5, 2025.