The Ghana cedi strengthened against the US dollar over the past two weeks, following Goldbod’s support for the foreign exchange market.
The local currency clawed back gains on sustained forex supply from GoldBod’s spot auctions.
It improved modestly in the interbank market while remaining relatively stable in the retail market.
In the interbank market, the cedi appreciated by 0.09%, 0.14% and 0.50% against the US dollar, the pound sterling and the euro. It traded at GH¢11.64 against the US dollar, GH¢15.55 against the pound and GH¢12.98 against the euro, respectively.
In the retail market, the dollar and euro exchange rates remained unchanged at GH¢12.08 and GH¢ 13.60. However, it depreciated against the pound by 0.63% to GH¢16.00the dollar.
On a month-on-month basis, the cedi’s year-to-date depreciation narrowed by 0.69 percentage points to 10.07% at the end of October 2026, down from 10.76% in September 2026.
“We believe October’s US$1.011 billion intermediation, offered at a uniform market-clearing rate, significantly anchored demand expectations and guided market pricing”, said Databank Research.
“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. 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”, it added.
Meanwhile, the cedi began the week going for GH¢12.15 against the US dollar at the forex bureaus.
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