Weekly Currency News Report – Week 31 [August 3 2026]

The Cedi began August subdued against its three major trading partner currencies on both the Bank of Ghana (BoG) inter-bank trading platform and the Open Forex Market (oanda.com), extending previous weeks’ weaknesses against the three. The sustained mild pressures on the Cedi pushed the local currency to close July with a year-to-date (YTD) depreciation of 11.33%, down from a YTD depreciation of 8.09% at the close of the first half of the year. The renewed pressures on the local unit after posting a comeback between late February and mid-March appear to be conterminous with the geopolitical tensions between the US and Iran.

Despite an elevated central bank intermediation in the domestic currency market over the past two months, the Cedi continues to face headwinds as demand picks up steadily following strong corporate demand coupled with a sharp rise in energy-linked imports. The central bank, over the past two months, provided USD 1.2 billion and USD 1.0 billion in forex support in June and July, respectively. In August, the BoG is expected to intervene with an additional USD 1.0 billion to support the Cedi. This injection, together with the release of the IMF’s USD 371 million disbursement under the just-ended Extended Credit Facility programme, is expected to keep the Cedi relatively stable over the short-term.

On the BoG inter-bank trading platform, the Cedi weakened by 0.52%, 1.43%, and 1.60% to trade at GHS 11.7059, GHS 15.7210, and GHS 13.4701 at the start of this week from last week’s opening trade quotes of GHS 11.6458, GHS 15.4994, and GHS 13.2576 against the Dollar, the Pound, and the Euro, respectively. The Dollar maintained its strong footing against most of its trading pairs, aided by stronger-than-expected US manufacturing data that tempered expectations for near-term Fed interest rate cuts.

On the Open Forex Market (oanda.com), the Cedi plunged by 0.44%, 1.42%, and 1.61% to open this week, being offered for GHS 11.6955, GHS 15.7338, and GHS 13.4757 against the Dollar, the Pound, and the Euro from last week’s opening trade values of GHS 11.6443, GHS 15.5137, and GHS 13.2620, respectively. The Euro gained against a basket of trading pairs, lifted by a Eurozone second-quarter GDP that rose 0.4% quarter-on-quarter, beating forecasts of 0.2%, whilst improving on flat growth in the first quarter.

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 11.7059, indicating a YTD depreciation of 11.43% on the BoG inter-bank trading platform. It is also currently quoted at GHS 11.6955 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 11.12%.