Ghana’s local currency, the cedi, has in recent weeks experienced both appreciation and marginal depreciation against major trading currencies.
On the interbank market, the cedi traded between GH¢10.90 and GH¢10.96 to the US dollar as of Tuesday February 3, 2026.
Speaking on the performance of the cedi, the Governor of the Bank of Ghana, Dr Johnson Asiama, attributed the relative stability of the exchange rate to a combination of policy measures and improved market conditions.
He explained that tight monetary conditions, coupled with fiscal discipline under the IMF-supported programme, have boosted investor confidence and strengthened trust in Ghana’s financial markets.
Interbank Market: Cedi falls by a pesewa to trade at GH¢10.96 to $1.
Dr Asiama further cited Ghana’s stronger external position, supported by elevated reserve buffers. These buffers, he noted, have been reinforced by the domestic gold purchase programme, improved export performance, and subdued import demand, all of which have helped shield the cedi from sharp fluctuations.
Another key driver he mentioned was anchored inflation expectations and a relatively stable macroeconomic environment. Together, these factors have reduced excessive volatility, resulting in more predictable and orderly exchange rate movements.
“These factors together explain why the cedi has remained resilient,” Dr Asiama said.
While acknowledging that some pressures remain, the Governor described them as temporary and being managed in an orderly manner.
He added that a stronger currency has helped limit imported inflation but cautioned that sustained vigilance is required to ensure exchange rate developments continue to support overall macroeconomic stability.
SA/MA
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