Weekly Currency News Report – Week 43 [October 26 2026]

The Ghanaian Cedi extended its rally against its three major trading pairs into this week, as it looked set to recoup some of its most recent losses. The local unit, which has been under pressure as forex demand surged and the energy import bill rose, has since mid-October gained momentum to claw back some of its losses. The Cedi’s rally has been supported by an improvement in forex supply, as spot-gold sales from the Ghana Gold Board received a boost following higher gold export receipts. A recent upgrade of Ghana’s long-term foreign currency and local currency issuer ratings from Caa1 to B3 with a stable outlook by Moody’s Ratings has also supported the Cedi’s resilient climb.

The Cedi’s performance comes as Ghana’s finance minister prepares to present the 2027 budget statements, where market watchers will be on the lookout for an extension of policies that will sustain the ongoing gains in the country’s macroeconomic recovery path. The budget is already a subject of the ongoing first review of Ghana’s Policy Coordination Instrument (PCI) with the International Monetary Fund. The review is expected to consider 2026’s fiscal performance whilst also focusing on next year’s revenue mobilization measures and expenditure management. The Cedi will be expected to defy its usual year-end pressures as the year wraps up and remain range-bound barring any major external shocks.

On the Bank of Ghana (BoG) interbank trading platform, the Cedi rose by 0.13% and 0.36% to trade at GHS 11.6558 and GHS 13.0282 against the Dollar and the Euro at this week’s opening from the previous week’s opening trade quotes of GHS 11.6708 and GHS 13.0756, respectively. Against the Pound, the Cedi sustained its first weekly dip in three weeks this week as it fell by 0.22%, having traded at GHS 15.5570 at this week’s opening from the previous week’s opening trade quote of GHS 15.5234. The Pound gained against a number of trading pairs, supported by hotter-than-expected UK September inflation data at 3.5%, raising expectations for a Bank of England rate hike next month.

On the Open Forex Market (oanda.com), the Cedi appreciated by 0.64%, 0.36%, and 0.82% to trade at GHS 11.7482, GHS 15.6935, and GHS 13.1561 at this week’s opening from the previous week’s opening trade quotes of GHS 11.8239, GHS 15.7496, and GHS 13.2647, against the Dollar, the Pound, and the Euro, respectively. The Euro continued to struggle against some of its trading pairs after the Eurozone’s second-largest economy faced widespread civil unrest over public service cuts, soaring living costs, and underfunded public services.

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 11.6558, indicating a year-to-date (YTD) depreciation of 10.96% on the BoG interbank trading platform. It is also currently quoted at GHS 11.7482 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 11.62%.