Weekly Currency News Report – Week 23 [June 8 2026]

The Cedi opened this week, putting up resistance against a relatively struggling Pound and Euro as it rose against the pair on the Open Forex Market (oanda.com), after weeks of nursing losses against the pair. On the Bank of Ghana (BoG) inter-bank trading platform, the Cedi sustained modest losses against the two, recording its slowest weekly declines in more than five weeks. Against the Dollar, however, the local unit continued to be subdued by the relatively stronger Dollar, as the greenback keeps its safe-haven status amid the ongoing geopolitical crisis.

As the domestic economy stays on a steady recovery trajectory with improving macroeconomic fundamentals, the recent pressures on the Cedi are largely linked to developments on the global front, with investors seemingly avoiding riskier currencies and assets. Soaring energy costs have inadvertently increased Ghana’s import bill, thus adding to pressures on the local currency. On the domestic front, a rise in the demand for forex by body corporates seeking to fulfill their financial obligations to offshore partners and investors has added to pressures on the Cedi. This notwithstanding, the Cedi’s outlook is not expected to undergo any major disruptions as Ghana maintains healthy gross international reserves, which stood at USD 14.4 billion as of mid-May 2026, equivalent to 5.7 months of import cover.

On the BoG inter-bank trading platform, the Cedi weakened by 0.77%, 0.01%, and 0.07% to open the week trading at GHS 11.8459, GHS 15.8060, and GHS 13.6695 from last week’s opening trade quotes of GHS 11.7559, GHS 15.8046, and GHS 13.6600 against the Dollar, the Pound, and the Euro, respectively. The Dollar maintained a stronger footing against most of its trading pairs, bolstered by a stronger-than-expected US jobs report, which reinforced expectations that the Fed will keep interest rates higher for longer, boosting demand for the greenback across currency markets.

On the Open Forex Market (oanda.com), the Cedi fell by 0.53% against the Dollar, having been offered for GHS 11.8212 at the start of the week from the previous week’s opening trade quote of GHS 11.7583. Against the Pound and the Euro, it strengthened by 0.33% and 0.41% to open this week at trade values of GHS 15.7717 and GHS 13.6319 from last week’s opening trade quotes of GHS 15.8234 and GHS 13.6877, respectively. The Pound weakened against a set of trading pairs, battered by recent signs of slowing activity in the UK economy, dampening expectations of further Bank of England tightening.

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 11.8459, indicating a Year-to-Date (YTD) depreciation of 12.76% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.8212 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 12.31%.