Weekly Currency News Report – Week 27 [July 6 2026]

The Ghanaian Cedi remained pressured at the start of this week, extending last week’s sluggish performance as the local unit looks set to undo its recent impressive recovery. The Cedi in mid-June had staged a strong recovery, clawing back nearly half of its losses suffered in the first half of the year, buoyed by an improvement in risk appetite after the US and Iran agreed to a temporary ceasefire. This development, amid a robust foreign exchange intermediation by Ghana’s central bank, helped to lift the value of the local currency against most of its major trading partner currencies.

The Cedi has, however, over the past two weeks shown signs of weakness as demand pressures mount whilst the market intervention by the Bank of Ghana remains measured. Currency market watchers paid little attention to a release by the finance ministry that stated that the ministry had fully settled its Eurobond obligation of USD 700 million ahead of schedule as of 2nd July. The statement also mentioned that the payment was made through the government’s planned financing arrangements without undue pressure on the country’s foreign exchange reserves. The ministry asserts that this settlement reduces Ghana’s outstanding Eurobond debt, strengthens investor confidence, and demonstrates the government’s commitment to prudent debt management and macroeconomic stability.

On the Bank of Ghana (BoG) inter-bank trading platform, the Cedi weakened by 0.52%, 1.43%, and 0.57% to open the week trading at GHS 11.3957, GHS 15.2349, and GHS 13.0224 at the start of the week from last week’s opening trade quotes of GHS 11.3362, GHS 15.0204, and GHS 12.9486 against the Dollar, the Pound, and the Euro, respectively. The Dollar strengthened against a basket of riskier currencies, sustained by economic data that kept the US Fed rate hike expectations elevated following a strong reading for US job openings.

On the Open Forex Market (oanda.com), the Cedi plummeted by 0.76%, 1.73%, and 0.95%, having been offered for GHS 11.3950, GHS 15.2235, and GHS 13.0244 at the start of the week against the Dollar, the Pound, and the Euro from last week’s opening trade quotes of GHS 11.3092, GHS 14.9641, and GHS 12.9021, respectively. The Pound rose against a set of currencies, helped by easing domestic political risk after the financial market took comfort from Burnham’s commitment to the country’s existing fiscal rules, which include balancing day-to-day spending with tax revenues and reducing debt as a share of output.

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 11.3957, indicating a Year-to-Date (YTD) depreciation of 8.48% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.3950 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 8.26%.