Weekly Currency News Report – Week 29 [July 20 2026]

Ahead of two key events due later this week, where currency watchers will be on the lookout for the posture of the fiscal and monetary authorities to the local currency’s current performance, the Cedi weakened further this week across its three major trading partner currencies, extending its weekly losing streak against the set of three for the third consecutive time. The Cedi’s performance comes ahead of the July sitting of the central bank’s Monetary Policy Committee and the presentation of the 2026 mid-year budget review to Ghana’s parliament, where it is expected that the relevant authorities will communicate their stance on the Cedi’s performance in the first half of the year, whilst also announcing strategies to keep the Cedi relatively stable over the second half of the year.

Analysts attribute the renewed pressures on the local currencies to a surge in demand for foreign exchange, with demand outstripping the supply of forex. Whilst demand for forex by businesses continues to rise, foreign exchange demand by energy sector participants seeking to hedge against the ongoing volatility in the prices of crude oil and other refined petroleum products has significantly added to the growing pressures on the Cedi. Despite these mounting pressures, the Cedi is expected to claw back some of its losses as Ghana readies to receive some inflows from the International Monetary Fund under the sovereign’s Extended Credit Facility programme with the Fund.

On the Bank of Ghana (BoG) inter-bank trading platform, the Cedi declined by 0.61%, 1.07%, and 0.87% to open the week, having been sold for GHS 11.5658, GHS 15.5236, and GHS 13.2026 from last week’s opening trade quotes of GHS 11.4957, GHS 15.3595, and GHS 13.0886% against the Dollar, the Pound, and the Euro, respectively. The Dollar maintained a strong footing against most of its trading pairs, boosted by its safe-haven appeal following fresh tensions between the US and Iran, with US President Donald Trump vowing to make Iran ‘pay’ for the killing of three US service members.

On the Open Forex Market (oanda.com), the Cedi depreciated by 0.52%, 1.07%, and 0.72% to trade at GHS 11.5706, GHS 15.5618, and GHS 13.2215 at the start of the week from the previous week’s opening trade quotes of GHS 11.5113, GHS 15.3975, and GHS 13.1272 against the Dollar, the Pound, and the Euro, respectively. The Pound drew independent support to post gains against some of its trading pairs after the newly installed UK Prime Minister Andy Burnham publicly pledged to maintain strict fiscal discipline and adhere to existing fiscal rules.

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 11.5658, indicating a Year-to-Date (YTD) depreciation of 10.09% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.5706 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 9.93%.