Weekly Currency News Report – Week 26 [June 29 2026]

Having posted an impressive recovery over the past two weeks against its three major trading partner currencies, this Cedi appears to be losing momentum as it opened this week nursing losses against the Dollar, the Pound, and the Euro on the Bank of Ghana (BoG) inter-bank trading platform. On the Open Forex Market (oanda.com), the Cedi showed weakness against the Dollar and the Pound but maintained its strong footing against the Euro to extend its weekly gains against the single currency for the fourth consecutive time. The Cedi’s performance at the start of the week highlights the fragility of the interim ceasefire between the US and Iran, as last weekend’s tit-for-tat attacks between the two sides weakened risk sentiments, sending riskier assets and currencies tumbling.

The renewed pressures on the Cedi on the domestic front stem from a pickup in demand for forex as corporate bodies continue their strong search for Dollars, racing to fulfil their financial obligations to offshore partners and investors. This is despite the central bank’s enhanced intermediation in the domestic foreign exchange market in the month of June, auctioning as much as USD 1.2 billion to meet the increase in demand. With a robust Gross International Reserves position, which stood at USD 14.4 billion as at mid-May, it is expected that the central bank will regularly intervene in the currency space to provide support for the Cedi.

On the BoG inter-bank trading platform, the Cedi plummeted by 1.17%, 1.21%, and 1.12%, having been sold for GHS 11.3362, GHS 15.0204, and GHS 12.9486 at the start of the week from the previous week’s opening trade quotes of GHS 11.2056, GHS 14.8407, and GHS 12.8058 against the Dollar, the Pound, and the Euro, respectively. The Dollar rose against a basket of currencies, supported by optimism over US economic growth, the prospect of Fed interest rate hikes, and a continuing AI-driven boom in the US equity market that has been attracting capital inflow at a rapid pace.

On the Open Forex Market (oanda.com), the Cedi plunged by 0.25% and 0.23% to open the week selling for GHS 11.3092 and GHS 14.9641 against the Dollar and the Pound from last week’s opening trade quotes of GHS 11.2810 and GHS 14.9302, respectively. The Pound remained strong against a set of trading pairs, escaping a headwind associated with the resignation of Prime Minister Kier Starmer, as Andy Burnham, Britain’s likely next prime minister, laid out his plans for the economy in ‌his first speech since becoming a lawmaker. Against the Euro, the Cedi appreciated by 0.08% to trade at GHS 12.9021 at the start of this week from last week’s opening trade figure of GHS 12.9142.

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 11.3362, indicating a Year-to-Date (YTD) depreciation of 7.91% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.3092 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 7.45%.