Weekly Currency News Report – Week 32 [August 10 2026]

A steady and sustained pressure on the local currency continued into the second week of August, as the Cedi began the week 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 Cedi’s performance at the start of the week is the second of such weekly losses against the Dollar, the Pound and the Euro after a similar performance last week. After a short reprieve in mid-June buoyed by the central bank’s elevated intermediation in the domestic currency market, the Cedi has largely been pressured, with demand picking up steadily on the back of higher energy costs and strong corporate demand for forex.

The Cedi’s performance at the start of this week comes amid a warning from the International Monetary Fund (IMF) about the country’s overreliance on gold and other commodity exports. The IMF noted in its latest Article IV Consultation and proposed Policy Coordination Instrument (PCI) report that “debt dynamics remain sensitive to external shocks given Ghana’s reliance on gold and other commodity exports.” The IMF also cited the exchange rate as an avenue through which the Ghanaian economy could be hard hit in the event of an external shock. It noted that “a key transmission channel is the exchange rate, given the substantial share of FX-denominated external debt and non-resident holdings of domestic debt.” The Cedi is expected to remain pressured to year-end as importers prepare to increase their activities, although some expected inflows are likely to pare the pressures.

On the BoG inter-bank trading platform, the Cedi traded down by 0.60%, 1.29%, and 0.98% to open the week being exchanged for GHS 11.7759, GHS 15.9234, and GHS 13.6016 from last week’s opening trade quotes of GHS 11.7059, GHS 15.7210, and GHS 13.4701 against the Dollar, the Pound, and the Euro, respectively. The Dollar held onto its gains against most of its trading pairs, supported by safe-haven demand as oil prices surged.

On the Open Forex Market (oanda.com), the Cedi tumbled by 0.44%, 0.81%, and 0.70% to trade at GHS 11.7471, GHS 15.8614, and GHS 13.5694 at the start of the week from last week’s opening trade quotes of GHS 11.6955, GHS 15.7338, and GHS 13.4757 against the Dollar, the Pound, and the Euro, respectively. The Euro showed signs of resilience against a basket of currencies as investor morale in the Eurozone returned to positive territory this month and rose for a fourth consecutive month, helped by a sharp ‌improvement in current economic conditions and continued confidence in the recovery, a survey showed on Monday.

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 11.7759, indicating a YTD depreciation of 12.09% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.7471 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 11.61%.