Weekly Currency News Report – Week 42 [October 19 2026]

The Cedi found support at the start of the week, cutting back some of its recent losses against its three major trading partner currencies on both the Bank of Ghana (BoG) interbank trading platform and the Open Forex Market. After weeks without a clear direction, the local unit strengthened across the board against the Dollar, the Pound, and the Euro, supported by a mix of internal and external factors. On the external front, weaknesses in the Dollar and other stronger currencies, driven by growing expectations of a retreat in crude oil prices amid the escalation of riots in some parts of the Eurozone, have eased pressure on emerging market currencies.

The local currency also received a boost on the domestic front following the recent upgrade of the Government of Ghana’s long-term foreign currency and local currency issuer ratings to B3 from Caa1 by Moody’s Ratings, while changing the outlook to stable from positive. The international research and ratings agency also upgraded Ghana’s foreign currency senior unsecured debt ratings to B3 from Caa1. The agency noted that the upgrade reflected “a sustained easing in Ghana’s domestic financing conditions that has led to a reduction in financing costs and a meaningful improvement in debt affordability, albeit from a weak level.” The Cedi is expected to face strong resistance over the remaining sessions of the year, as continuously improving macroeconomic fundamentals, amid stronger reserves and growing gold export receipts, are expected to sustain the Cedi’s outlook, with import pressures ahead of the yuletide already building up.

On the BoG interbank trading platform, the Cedi traded up by 0.89%, 0.17%, and 0.48%, having opened the week sold for GHS 11.6708, GHS 15.5234, and GHS 13.0756 from last week’s opening trade quotes of GHS 11.7759, GHS 15.5501, and GHS 13.1390 against the Dollar, the Pound, and the Euro, respectively. The Cedi maintained a strong footing against the Euro as the single currency faces a headwind from an escalating situation in France after the Eurozone’s second-largest economy was rocked over the weekend by violent protests over high living costs and public service cuts, at a time when it is already facing a fiscal crisis.

On the Open Forex Market (oanda.com), the Cedi surged by 0.88%, 0.20%, and 0.56% to trade at GHS 11.8239, GHS 15.7496, and GHS 13.2647 at this week’s opening from last week’s opening trade quotes of GHS 11.9289, GHS 15.7806, and GHS 13.3397 against the Dollar, the Pound, and the Euro, respectively. The Dollar sustained some losses against a basket of trading pairs after comments from the Federal Reserve chair reinforced expectations that policymakers could leave US interest rates unchanged at their October meeting.

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 11.6708, indicating a year-to-date (YTD) depreciation of 11.09% on the BoG interbank trading platform. It is also currently quoted at GHS 11.8239 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 12.34%.