Weekly Currency News Report – Week 21 [May 25 2026]

The Cedi fell across the board against its three major trading-partner currencies on both the Bank of Ghana (BoG) inter-bank trading platform and the Open Forex Market (oanda.com), showing less responsiveness to impressive data released by the central bank at the conclusion of its May Monetary Policy Committee (MPC) sitting. The MPC adopted a more cautious stance, putting on hold its policy easing cycle in the face of the emergence of risks to the inflation outlook after its latest forecast hinted that inflation is expected to trend upward into the BoG’s medium-term inflation target band, largely on the back of base drift effects related to forex rate movements, food supply conditions, and transport costs.

Commenting on the Cedi’s recent performance after the MPC voted to keep the policy rate unchanged at 14.0%, the governor attributed the renewed pressures on the local unit to increased forex demand from the energy sector and seasonal dividend payments by multinationals. The governor also noted that the BoG’s regular market intermediation remained operational. The central bank, however, has been more committed over the period to building reserves rather than actively intervening in the currency market. This notwithstanding, a continuously improving Gross International Reserve, which stood at USD 14.4 billion as at mid-May, equivalent to 5.7 months of import cover, up from a position of USD 13.8 billion at the close of last year, is expected to assure the market of a more stable Cedi outlook.

On the BoG inter-bank trading platform, the Cedi tumbled by 1.48%, 2.18%, and 1.41%, having opened the week being offered at GHS 11.6258, GHS 15.6972, and GHS 13.5320 from the previous week’s opening trade quotes of GHS 11.4557, GHS 15.3621, and GHS 13.3433 against the Dollar, the Pound, and the Euro, respectively. The Dollar remained resilient, maintaining its squeeze against most of its trading pairs, having drawn continued support from elevated US Treasury yields and lingering safe-haven demand tied to the Iran conflict.

On the Open Forex Market (oanda.com), the Cedi plunged by 1.56%, 2.45%, and 1.59% to trade at GHS 11.6254, GHS 15.6885, and GHS 13.5349 at the start of the week from last week’s opening trade quotes of GHS 11.4465, GHS 15.3126, and GHS 13.3230 against the Dollar, the Pound, and the Euro, respectively. The Pound rose against a section of riskier currencies despite losing ground against other major international currencies after British inflation cooled off more than expected in April, undercutting the case for aggressive Bank of England tightening.

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 11.6258, indicating a Year-to-Date (YTD) depreciation of 10.67% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.6254 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 10.45%.