The Ghana cedi has strengthened against the US dollar over the past two weeks, supported by foreign exchange supplied through Ghana Gold Board (GoldBod) spot auctions.
The currency traded between GH¢12.08 and GH¢12.15 to the dollar at retail foreign exchange bureaus, while recording modest gains on the interbank market, according to Databank Research.
The cedi rose 0.09% against the dollar on the interbank market to GH¢11.64. It also gained 0.14% against the pound sterling, trading at GH¢15.55, and increased 0.50% against the euro to GH¢12.98.
At retail counters, the cedi was largely unchanged during the two-week period, trading at GH¢12.08 to the dollar and GH¢13.60 to the euro. It began the new week at GH¢12.15 to the dollar at forex bureaus.
The currency performed less strongly against the pound in the retail market, weakening by 0.63% to GH¢16.00.
Databank’s figures showed that the cedi’s year-to-date depreciation had narrowed to 10.07% by the end of October 2026. That represented an improvement of 0.69 percentage points from the 10.76% recorded at the end of September.
The research firm attributed the cedi’s firmer performance to foreign exchange inflows from GoldBod and its interventions in the spot market.
“We believe October’s US$1.011 billion intermediation, offered at a uniform market-clearing rate, significantly anchored demand expectations and guided market pricing,” Databank Research said.
GoldBod’s supply comes as the central bank has noted that the cedi’s recovery earlier in the year resulted in a GH¢17.5 billion accounting book loss on its gold holdings.
The International Monetary Fund has also cautioned that Ghana’s macroeconomic stability is not yet self-sustaining.
Databank expects the cedi to make further modest gains in the short term, despite the prospect of higher import demand as businesses build stock ahead of the Christmas trading season.
The forecast also takes into account the Bank of Ghana’s preparation to introduce new Heritage Series cedi banknotes.
“Looking ahead, our forecast points to a modest appreciation toward GH¢11.41 to a dollar by the end of the next fortnight, despite impending seasonal import demand pressures,” the analysts stated.
“With US$800 million earmarked for commercial bank auctions from a US$1.2 billion November 2026 gross intermediation, we expect sustained dollar liquidity to support near-term exchange rate stability.”
