Weekly Currency News Report – Week 39 [September 28 2026]

The Cedi opened the week weaker against its three major trading partner currencies, nursing losses across the board on both the Bank of Ghana (BoG) interbank trading platform and the Open Forex Market (oanda.com). The Cedi’s performance comes after Ghana’s central bank stayed glued to its cautious stance as it kept the policy rate on hold for the third consecutive time amid the emergence of risks to the inflation outlook. The bank noted that upside risks to the inflation outlook included upward reviews of utility tariffs, rising ex-pump petroleum prices, a stronger US dollar, and spillovers from global supply chain constraints.

The renewed pressures on the local currency are stemming from a dwindling reserves position, with new data released by the central bank after the conclusion of its September monetary policy committee sitting revealing that Ghana’s Gross International Reserves stood at USD 12.0 billion in September, a steady decline from a high of USD 14.16 billion in March. The significant drawdown of the reserves follows rising energy import bills and as gold receipt underwent a brief decline recently. The governor of the central bank has, however, asserted that the Ghana Gold Board has resumed significant shipments of gold, a development which is expected to further boost the country’s forex reserve accumulation.

On the BoG interbank trading platform, the Cedi tumbled by 0.77%, 0.34%, and 0.27% to trade at GHS 11.6658, GHS 15.4759, and GHS 13.2704 at the start of the week from the previous week’s opening trade quotes of GHS 11.5763, GHS 15.4231, and GHS 13.2353 against the Dollar, the Pound, and the Euro, respectively. The Dollar dominated the currency markets after Federal Reserve rate hike expectations were boosted by hot US economic data amid a steep bond sell-off.

On the Open Forex Market (oanda.com), the Cedi plummeted by 1.30%, 0.35%, and 0.43%, having traded for GHS 11.7827, GHS 15.6170, and GHS 13.4046 at the start of the week from last week’s opening trade values of GHS 11.6319, GHS 15.5633, and GHS 13.3478 against the Dollar, the Pound, and the Euro, respectively. The Euro was in demand against a basket of trading pairs, boosted by S&P Global data that revealed that the Eurozone area’s output growth accelerated in September and reached its fastest pace since April 2023, helped by solid expansion in both services and manufacturing sectors.

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 11.6658, indicating a year-to-date (YTD) depreciation of 11.05% on the BoG interbank trading platform. It is also currently quoted at GHS 11.7827 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 11.95%.