Weekly Currency News Report – Week 28 [July 13 2026]

Ahead of next week’s presentation of the mid-year budget review to Ghana’s parliament, where the government will be expected to clearly communicate its stance on the Cedi’s performance in the first half of the year, the local unit opened this week, extending its losing streak for the third consecutive time 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). The Cedi, after undergoing a brief recovery in mid-June as global risk sentiments improved following the announcement of a temporary ceasefire between the US and Iran, has come under renewed pressure on the back of a surge in forex demand and as geopolitical tensions resurface.

A USD 2.01 billion central bank market intermediation last month appears to be waning as demand for forex by businesses seeking to fulfill their financial obligations to offshore partners remains elevated. The central bank’s intervention comprised USD 1.2 billion through the Forex Intermediation Programme and an additional USD 811 million under the Bank’s FX Intervention Programme. A recent announcement by Ghana’s finance ministry stating that the government has entered the final phase of its external bonded debt restructuring following the successful exchange of all outstanding SADEREA Notes is unlikely to alter the Cedi’s outlook. Barring any major policy shift aimed at strengthening the Cedi in the mid-year budget review, the local currency is expected to remain pressured over the near- to medium-term following the resurgence of tensions between the US and Iran.

On the BoG inter-bank trading platform, the Cedi weakened by 0.88%, 0.82%, and 0.51% to open the week, selling for GHS 11.4957, GHS 15.3595, and GHS 13.0886 from last week’s opening trade quotes of GHS 11.3957, GHS 15.2349, and GHS 13.0224 against the Dollar, the Pound, and the Euro, respectively. The Dollar clung to its gains against most of its trading pairs, underpinned by escalating hostilities in the Gulf, following fresh exchanges of missile and drone strikes.

On the Open Forex Market (oanda.com), the Cedi plunged by 1.02%, 1.14%, and 0.79% to trade at GHS 11.5113, GHS 15.3975, and GHS 13.1272 at the start of the week from the previous week’s opening trade quotes of GHS 11.3950, GHS 15.2235, and GHS 13.0244, against the Dollar, the Pound, and the Euro, respectively. The Pound held onto most of its gains against some of its trading pairs, with the currency’s resilience through the recent political uncertainty suggesting that the transition is largely priced in.

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 11.4957, indicating a Year-to-Date (YTD) depreciation of 9.43% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.5113 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 9.37%.