Weekly Currency News Report – Week 38 [September 21 2026]

The Cedi opened the week mixed against its three major trading partner currencies on the Bank of Ghana (BoG) interbank trading platform, extending its weekly losses against the Dollar for the fifth consecutive time whilst posting a comeback against the Pound and the Euro. On the Open Forex Market (oanda.com), however, the Cedi was pressured at this week’s opening, giving up gains recorded last week against the Dollar, the Pound, and the Euro. The Cedi’s performance comes ahead of this month’s Monetary Policy Committee sitting later this week, where despite Ghana’s inflation appearing largely tamed, the central bank faces pressure to tighten the policy rate as other global central banks begin to raise rates on the back of a resurgence of price pressures.

The Cedi, after a strong recovery in mid-August, has been on a gradually deteriorating trajectory, with forex demand steadily rising amid a measured supply to meet it. Analysts attribute the apparent decline in forex intervention to a slowdown in Ghana’s gold shipments following a pause in the country’s gold exports by the Ghana Gold Board. This, coupled with higher energy import bills as crude oil prices continue to soar on the international market whilst demand for forex by traders ahead of the festive season picks up strongly, poses a major headwind to the Cedi’s outlook.

On the BoG interbank trading platform, the Cedi lost by 0.94% against the Dollar, having opened the week trading at GHS 11.5763 from last week’s opening trade value of GHS 11.4687. The Dollar maintained a strong footing against most of its trading pairs, with the recent gains coming in after the US Fed hiked its key interest rate as widely expected, making the first monetary policy tightening in over three years.  Against the Pound and the Euro, the Cedi gained by 0.30% and 0.06% to trade at GHS 15.4231 and GHS 13.2353 at the start of the week from last week’s opening trade quotes of GHS 15.4690 and GHS 13.2429, respectively.

On the Open Forex Market (oanda.com), the Cedi fell across the board, down by 1.77%, 0.88%, and 1.06% to open the week at trade values of GHS 11.6319, GHS 15.5633, and GHS 13.3478 from last week’s opening trade values of GHS 11.4297, GHS 15.4283, and GHS 13.2079 against the Dollar, the Pound, and the Euro, respectively. The Pound gained against a set of trading pairs, aided by data which showed that UK retail sales volumes unexpectedly rose in August whilst earlier government data showed an acceleration in consumer inflation last month.

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 11.5763, indicating a year-to-date (YTD) depreciation of 10.19% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.6319 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 10.51%.