Weekly Currency News Report – Week 30 [July 27 2026]

In a week after two key economic events took place, the conclusion of the central bank’s July monetary policy committee meeting and the presentation of the mid-year budget review to Ghana’s parliament, the Cedi showed less responsiveness to these key developments as it posted mixed results against its three major trading partner currencies. It began the week extending its losing streak against the Dollar and the Euro, but gathered momentum against the Pound to end four consecutive weekly losses on both the Bank of Ghana (BoG) inter-bank trading platform and the Open Forex Market (oanda.com).

The prevailing pressures on the local unit remained after both the monetary policy report and the mid-year budget statement failed to clearly state policy actions that both the fiscal and monetary authorities intend to implement to instil currency stability in the second half of the year. According to the monetary policy report, Ghana’s Gross International Reserves dwindled to USD 12.9 billion at the close of the first half of the year, down from USD 13.8 billion as at the close of last year. This came on the back of elevated energy-linked payments arising from the Middle East crisis. This phenomenon, analysts warn, could pose a significant challenge to the Cedi’s outlook. This notwithstanding, reports that the International Monetary Fund’s Executive Board has completed the sixth and final review of Ghana’s USD 3.0 billion Extended Credit Facility bailout programme are expected to give the Cedi some respite as Ghana takes hold of the final tranche of USD 371.0 million of funds disbursement.

On the BoG’s inter-bank trading platform, the Cedi traded down by 0.69% and 0.42%, having been offered for sale at GHS 11.6458 and GHS 13.2576 against the Dollar and the Euro from last week’s opening trade quotes of GHS 11.5658 and GHS 13.2026, respectively. The Dollar strengthened against most of its trading pairs, boosted by safe-haven demand amid a widening conflict in the Middle East and expectations of interest rate hikes to combat oil-driven inflationary pressures. Against the Pound, the Cedi traded up by 0.16% to open the week, selling for GHS 15.4994 from last week’s opening trade value of GHS 15.5236.

On the Open Forex Market (oanda.com), the Cedi declined by GHS 0.64% and 0.31% against the Dollar and the Euro to trade at GHS 11.6443 and GHS 13.2620 at the start of the week from last week’s opening trade values of GHS 11.5706 and GHS 13.2215, respectively. Against the Pound, the Cedi strengthened by 0.31% to open the week trading at GHS 15.5137 from last week’s opening trade figure of GHS 15.5618. The Pound weakened against some of its trading pairs on fiscal worries after the new prime minister reaffirmed his commitment to follow his predecessor’s fiscal rules.

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 11.6458, indicating a Year-to-Date (YTD) depreciation of 10.86% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.6443 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 10.63%.