Weekly Currency News Report – Week 35 [August 31 2026]

The Ghanaian Cedi ended August on a weaker footing, 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). The local unit failed to hold onto its mid-month gains as demand pressures surpassed the central bank’s programmed market intermediations, pushing the Cedi to give up nearly all early gains in the past weeks.

The renewed pressures on the Cedi have been exacerbated by foreign portfolio outflows following the payment of coupons on the Domestic Debt Exchange Programme (DDEP) bonds. After the payment of over GHS 10.0 billion to bondholders under the DDEP, Ghana’s COCOBOD this week also announced that it had settled GHS 2.3 billion in outstanding obligations to holders of its bonds as part of the 2023 restructuring of government and quasi-government bonds. Payments to offshore investors who are seeking to repatriate their proceeds out of the jurisdiction have thus added to the already persisting energy, corporate, and importers’ demand for forex. As the central bank once again gears up to increase its intervention in the domestic currency market ahead of the festive season, and as offshore investors show interest in the recently announced 4-year domestic bond, it is expected that the Cedi will continue to hold off the fast-rising pressures.

On the BoG interbank trading platform, the Cedi traded down by 1.12%, 0.50%, and 0.68% to open the week, being offered for GHS 11.2556, GHS 15.2514, and GHS 13.0745 from last week’s opening trade quotes of GHS 11.1306, GHS 15.1754, and GHS 12.9860 against the Dollar, the Pound, and the Euro, respectively. The Dollar prevailed strongly against most of its trading pairs after the market interpreted the US Fed chair’s address at the Jackson Hole conference as hawkish, as expectations of a central bank rate hike in September rose.

On the Open Forex Market (oanda.com), the Cedi plunged by 0.89%, 0.21%, and 0.31% to trade at GHS 11.2702, GHS 15.2671, and GHS 13.0775 from last week’s opening trade quotes of GHS 11.1708, GHS 15.2354, and GHS 12.0370, respectively. The Euro traded higher against some of its pairs, holding onto recent gains as regional traders digested a stronger-than-expected 1.0% annual gross domestic product expansion in Germany.

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 11.2556, indicating a year-to-date (YTD) depreciation of 7.14% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.2702 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 7.08%.