Weekly Currency News Report – Week 33 [August 17 2026]

The Cedi opened the week on a strong footing, on course to reverse its most recent 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). Having come under renewed headwinds over the past few months following steady and sustained demand pressure on the back of rising corporate demand and higher energy import bills, the local unit last week began to post a strong comeback, recording on average a six-percentage-point recovery against the Dollar, the Pound, and the Euro across the two major trading platforms.

According to analysts, the Cedi’s bold momentum has been supported by the central bank’s regular intervention in the domestic currency market as part of the BoG’s monthly intermediation initiative to sell forex to sustain the local currency. Others also assert that inflows from the economy’s key export commodities, together with increasing offshore investor interest in Ghana’s bond and equity markets, have largely been supportive the Cedi’s rally. An expected USD 371.0 million inflow from the International Monetary Fund (IMF), representing the final disbursement of Ghana’s Extended Credit Facility programme from the IMF, is likely to sustain the Cedi’s momentum as the release of the funds will shore up Ghana’s already elevated international reserves position.

On the BoG inter-bank trading platform, the Cedi spiked by 6.54%, 6.28%, and 6.24% to trade at GHS 11.0055, GHS 14.9235, and GHS 12.7529 at the start of the week from the previous week’s trade values of GHS 11.7759, GHS 15.9234, and GHS 13.6016 against the Dollar, the Pound, and the Euro, respectively. The Dollar weakened against some of its trading pairs, hurt by weaker-than-expected US economic data last week, which led investors to reduce bets on an immediate Fed rate hike, putting pressure on the greenback.

On the Open Forex Market (oanda.com), the Cedi traded up by 6.36%, 6.00%, and 6.07%, having been offered for sale at GHS 11.0000, GHS 14.9097, and GHS 12.7464 at the start of this week from last week’s opening trade quotes of GHS 11.7471, GHS 15.8614, and GHS 13.5694 against the Dollar, the Pound, and the Euro, respectively. The Pound, having widely recorded gains against a basket of trading pairs after earlier government data revealed the UK’s GDP returning to growth in the second quarter of the year, pared its gains, hurt by rising energy prices.

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 11.0055, indicating a year-to-date (YTD) depreciation of 4.76% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.0000 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 4.51%.