Weekly Currency News Report – Week 22 [June 1, 2026]

Despite consistently stronger macroeconomic fundamentals, the Cedi continues to face headwinds, opening this week nursing losses across the board against its three major trading partner currencies on both the Bank of Ghana (BoG) interbank trading platform and the Open Forex Market (oanda.com). This week’s performance follows a similarly struggling one last week, when the Cedi weakened against the Dollar, the Pound, and the Euro across both trading platforms. This was after the central bank, at the conclusion of its May Monetary Policy Committee (MPC) meeting, released impressive data that showed the Ghanaian economy on a strong trajectory despite the country exiting the ongoing IMF programme later this year.

A release by the MPC noted that the external sector remained resilient despite the early impact of heightened geopolitical tensions, which temporarily slowed gold export shipments in March and April 2026. However, in the first quarter of the year, the current account surplus improved to USD 3.1 billion, up from USD 2.43 billion over the same period last year. This came largely on the back of robust gold and cocoa export proceeds, amid stable remittance inflows, despite the rise in payments for services and investment income. Resultantly, Gross International Reserves rose to USD 14.4 billion as of mid-May, equivalent to 5.7 months of import cover, from USD 13.8 billion as at the close of the previous year. The reserve accumulation continues to provide buffers to the foreign exchange market and is expected to help sustain the Cedi’s outlook.

On the BoG inter-bank trading platform, the Cedi traded down by 1.12%, 0.68%, and 0.95%, having been exchanged for GHS 11.7559, GHS 15.8046, and GHS 13.6600 at the start of the week from last week’s opening trade quotes of GHS 11.6258, GHS 15.6972, and GHS 13.5320 against the Dollar, the Pound, and the Euro, respectively. The Dollar ticked higher against most of its trading pairs, boosted by a renewed bout of safe-haven demand after Iran said it would suspend mediated negotiations with the US following fresh strikes and an Israeli military operation in Lebanon.

On the Open Forex Market (oanda.com), the Cedi edged down by 1.14%, 0.86%, and 1.13% to trade at GHS 11.7583, GHS 15.8234, and GHS 13.6877 at the start of the week from last week’s opening trade quotes of GHS 11.6254, GHS 15.6885, and GHS 13.5349 against the Dollar, the Pound, and the Euro, respectively. The Pound continued to maintain a strong footing against some of its trading pairs amidst the ongoing geopolitical tensions, with the currency being aided by a surge in foreign investment activity, which is concentrated in some of the economy’s most productive sectors.

The Cedi was quoted at GHC 10.5053 on the first trading day of the year against the Dollar and is currently trading at GHS 11.7559, indicating a Year-to-Date (YTD) depreciation of 11.90% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.7583 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 11.71%.