Weekly Currency News Report – Week 40 [October 5 2026]

The US Dollar maintained its dominance across a wide range of trading pairs, riding its safe-haven appeal amid a rise in oil prices due to a widening conflict in the Middle East to extend gains into this week, with weaker and riskier currencies hit hardest. The Cedi opened the week on the back foot against the largely stronger Dollar, extending its weekly losses for the seventh consecutive time on both the Bank of Ghana (BoG) interbank trading platform and the Open Forex Market (oanda.com). Against the Pound and the Euro, the Cedi was mixed, widening its weekly losses against the Pound but gaining momentum against the now-troubled Euro to cut back some of its recent losses against the single currency.

The recent headwinds facing the local unit have been corroborated by the release of quarterly trade statistical data by the Ghana Statistical Service, which revealed that Ghana’s trade surplus dwindled by nearly 70.0% in the second quarter of 2026, with the trade surplus narrowing from USD 4.3 billion in the first quarter to USD 1.3 billion in the second quarter. This notwithstanding, a release by the Ghana Gold Board, late last month, where it noted that the country’s gold administrative body generated USD 1.87 billion in forex exchange in September, exceeding its monthly target of USD 1.40 billion, whilst also projecting to generate USD 1.50 billion in the current month, and is expected to shore up the nation’s international reserves to further improve the Cedi’s outlook.

On the BoG interbank trading platform, the Cedi lost by 0.90% and 0.54% against the Dollar and the Pound, having opened the week, sold for GHS 11.7709 and GHS 15.5588 from the previous week’s opening quotes of GHS 11.6658 and GHS 15.4759, respectively. The Pound strengthened against a basket of currencies, helped by stronger-than-expected UK growth statistics after data released by the Office for National Statistics showed that Britain’s economy grew 0.5% in quarter two, beating a 0.4% target. Against the Euro, the Cedi appreciated by 0.56% to trade at GHS 13.1966 at this week’s opening, from last week’s opening trade value of GHS 13.2704.

On the Open Forex Market (oanda.com), the Cedi tumbled by 1.02% and 0.75% to open the week at trade values of GHS 11.9024 and GHS 15.7348 from last week’s opening trade quotes of GHS 11.7827 and GHS 15.6170 against the Dollar and the Pound, respectively. Against the Euro, the Cedi soared by 0.48% to trade at GHS 13.3404 at this week’s opening, up from last week’s opening trade quote of GHS 13.4046. The Euro has come under intense pressure due to concerns over rising debt levels and political gridlock in France, with an upcoming snap election in Spain adding to the headwinds.

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 11.7709, indicating a year-to-date (YTD) depreciation of 12.05% on the BoG interbank trading platform. It is also currently quoted at GHS 11.9024 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 13.08%.