ACCRA, May 11 (THE AFRICAN PORTAL) – The Ghana cedi has recorded a mild depreciation against major trading currencies over the past two weeks, weakening in both the interbank and retail markets.
Data from the interbank market showed the cedi declining by 1.64% against the US dollar to settle at GHS11.28/USD. It also weakened by 2.46% against the British pound to GHS15.36/GBP and by 2.15% against the euro to GHS13.28/EUR.
In the retail market, the local currency posted a more moderate performance. It slipped by 0.84% against the dollar to GHS11.83/USD and edged marginally lower against the pound from GHS15.78 to GHS15.80/GBP. However, it recorded a slight gain against the euro, strengthening from GHS13.78 to GHS13.75/EUR.
On a year-to-date basis, the cedi has depreciated by an average of 7.8% as of 8 May 2026, significantly higher than the 2.5% recorded during the same period in 2025.
IMF review in focus
Databank Research said the recent pressure on the cedi broadly aligns with market expectations, with investor attention focused on the sixth review of Ghana’s IMF-supported programme, scheduled to conclude on 15 May.
“Broadly in line with our forecast, the cedi suffered mild pressure ahead of the ongoing IMF sixth mission review, expected to close on 15 May 2026,” the report stated.
According to the research firm, the trend reflects a combination of demand and supply pressures in the foreign exchange market.
“We believe this reflects a mix of sustained import demand and cautious FX supply conditions, with sentiment further influenced by recent financial position concerns of the Bank of Ghana,” it added.
Outlook remains stable
Despite the recent weakness, analysts expect the cedi to remain relatively stable, supported by anticipated external inflows.
“Nonetheless, expectations of a rebound remain anchored on strong reserve buffers and anticipated IMF approval of the USD385 million Extended Credit Facility, which should create room for stronger FX support,” the report noted.
Databank Research also maintained that volatility is likely to remain contained in the near term.
“Overall, we maintain our view of contained volatility, with the cedi expected to remain steady within a 10.95 to 11.35 per dollar range by the close of the next fortnight,” it said.
