Kofi Ahovi

  The Bank of Ghana (BoG) injected $2.01 billion into the foreign exchange market in June 2026, its largest monthly intervention this year, helping the cedi record its first monthly appreciation against the US dollar in 2026 amid sustained pressure on the local currency. Data available show that the central bank sold $1.2 billion through its Forex Intermediation Programme, conducting auctions twice weekly throughout June. The amount met the Bank's monthly auction target, although commercial banks submitted bids worth $3.42 billion, underscoring the strong demand for foreign exchange. Demand for dollars remained elevated throughout the month as businesses continued to meet import obligations and rebuild inventories. The June auctions were undertaken under the Domestic Gold Exchange Programme, one of the Bank's key initiatives to improve foreign exchange liquidity and support exchange rate stability. Beyond the auctions, the central bank injected an additional $811 million throug...

  The Ghana cedi continued its downward trend against major trading currencies over the past two weeks, as rising demand for foreign exchange and growing corporate repatriation needs intensified pressure on the local currency. According to the latest market update, the cedi weakened across both the interbank and retail foreign exchange markets, with analysts attributing the depreciation to heightened demand for US dollars amid moderate foreign exchange supply conditions. In the interbank market, the cedi traded at GHS 11.85 to the US dollar, down from GHS 11.63 recorded in the previous review period. Similarly, the local currency depreciated against the British pound and the euro, with exchange rates rising to GHS 15.85/GBP and GHS 13.66/EUR from GHS 15.62 and GHS 13.49 respectively. The weakness was also reflected in the retail market, where the cedi lost 0.81 percent against the dollar, 1.83 percent against the pound, and 1.40 percent against the euro, closing at mid-rates of GHS...

The pressure on the Ghana cedi is expected to persist in June 2026 as elevated energy prices continue to drive foreign exchange demand. According to IC Insights, a leading economic research firm, the rapid pace of depreciation, however, leaves room for late year correction. The local currency weakened 4.6% in May 2026 as corporate and portfolio-driven forex demand far exceeded the Bank of Ghana’s supply. Auction demand reached nearly four times available liquidity.  IC Insights said the surging foreign exchange demand deepens pressure on the cedi. The cedi endured intensified depreciation in May 2026, losing 4.6% against the US dollar as a surge in forex demand from corporates and portfolio calls outweighed supply, including the BoG’s weekly support. Total foreign exchange demand at the weekly BoG FX auction was US$3.83 billion, nearly 3.8 times the BoG supply, with the unmet demand exerting pressure on the local currency. We foresee continued pressure on the cedi as elevated energ...

  The Ghana cedi has taken a hit in the first month of 2026, losing 4.0% of its value to the US dollar. According to the Bank of Ghana's January 2026 Summary of Economic and Financial Data, the cedi traded at GH¢10.88 to one American greenback in January 2026, compared to GH¢10.45 in December 2025. In the retail market, the local currency sold at GH¢12.00 to one American greenback. This depreciation is a reversal of the cedi's strong performance in 2025, where it ended the year with a year-to-date gain of 40.7%. The cedi had started 2025 on a weak note, losing 3.9% in value to the US dollar, but it gained momentum in May 2025, recording a 43% gain against the American greenback since January 1, 2025. The cedi's mixed performance was also evident in its trading against other major currencies. It lost 4.9% and 4.1% to the pound and euro, respectively, in January 2026, trading at GH¢14.77 and GH¢12.80 to the pound and euro in the interbank market. Over the last two weeks, the ...

Demand for dollars has picked up in Ghana, driven by businesses restocking for the rest of the year. Data from commercial banks shows the manufacturing and energy sectors are leading the charge, with total bids reaching $366 million at the Bank of Ghana's January 2026 foreign exchange auctions. Market Pressures Mount Analysts attribute the rising demand to thin foreign exchange supply, expecting market pressure to persist as companies return from holiday breaks and business activity normalizes. Some firms are also preparing to pay dividends to foreign shareholders, further fueling demand. Cedi Under Pressure The cedi has depreciated 1.63% year-to-date against the US dollar, driven by sustained foreign exchange demand. Historically, the cedi faces pressure in the first quarter due to import restocking and dividend payments. Bank of Ghana Assures Stability The central bank assures there's no cause for panic, maintaining sufficient reserves to meet market demand. Ghana ended 2025 ...

  The cedi’s sustained “good run” against the dollar over the past two weeks of October 2025 has helped erase the local currency’s losses posted in the third quarter of the year. Data from Bloomberg News and the World Bank show that the cedi depreciated by about 14% in the third quarter of 2025. This decline had slowed the cedi’s earlier record appreciation from more than 40% at the end of July 2025 to about 21% by the end of September. However, new data from commercial banks now show that the cedi’s year-to-date (YTD) appreciation stands at 37%. This means that from the beginning of October alone, the local currency could have appreciated by about 16% against the U.S. dollar, effectively “clawing back” the losses recorded between July and September 2025. A closer analysis of price quotes from commercial banks since the start of the year also revealed that within a single week — from October 13 to 17 — the cedi appreciated by 9.5% against the dollar. This could be one of the highes...

  The Bank of Ghana (BoG) has revealed that it has in recent times, met all dollar requests and import demands from commercial banks. Governor of the Bank of Ghana, Dr. Johnson Asiama, rejected reports suggesting that banks were still facing dollar liquidity challenges, making it difficult to meet the demands of businesses and clients. He explained at the Monetary Policy Committee (MPC) press conference that the claims did not reflect the situation on the ground. “Over the past weeks, there was no single demand that we have not met,” he stressed. “I will be really surprised if businesses are still having problems getting dollars from the commercial banks.” Dr. Asiama suggested that if there were any difficulties, they were likely due to documentation issues rather than dollar shortages or forex supply concerns. Market Response to BoG Measures Responding to further questions at the MPC press briefing, Dr Asiama noted that the market situation had improved significantly over the past...

  The Bank of Ghana has sought to reassure the market that the recent slip of the local currency is not a reversal but an adjustment brought on by seasonal trade patterns and reforms. The Central Bank further points to gross international reserves of about $11 billion, sound monetary policy and regulatory tightening as anchors of the currency’s stability or if you like modest depreciation. For now, the cedi has appreciated about 21% year-to-date, still ranking with other major trading partners, the Dollar, British Pound, the Euro and even currencies such as the Russian ruble, Swedish krona and Swiss franc, at least Governor of the Bank of Ghana has said. On the forex market as of midday today, Tuesday, September 16, 2025; the dollar rate was 13.40 [Buying], 13.80 [Selling] – British Pound 17.80 [Buying], 18.20 [Selling]; that of the Euro – 15.50 [Buying], 15.80 [Selling]. Suffice to say, the local currency has this year, been oscillating between world-beating gains and sharp losses...

  The Bank of Ghana has scaled back its size and frequency of foreign exchange intervention in the forex market. The Central Bank, during the second quarter of 2025, intervened heavily in the forex market (over US$2.0 billion), a situation that the International Monetary Fund expressed concern about and urged the regulator to proceed with caution. As of 29th July, 2025, the total foreign exchange forward sales in July 2025 stood at US$822.8 million, 53.6% lower than June 2025. The Bank of Ghana was absent from the market on 25th and 29th July 2025, the first absence since April. This resulted in a tighter forex supply with a cumulative US dollar Ghana cedi depreciation of 1.7% post-IMF Board approval. IC Research, a leading financial economic research said, “In view of the need to avert a protracted over-valued FX [foreign exchange] rate and close the arbitrage gap in the market, we expect the BOG [Bank of Ghana] to continue the gradual softening of its FX market presence”. It beli...

 The Ghana cedi recorded a strong performance against major foreign currencies in the first seven months of 2025, appreciating by 40.7% against the US dollar. According to the latest data from the Bank of Ghana’s Summary of Economic and Financial Data for the period ending July 2025, as of July, the cedi was trading at GH¢10.45 to the US dollar on the interbank market. The local currency gained significant ground in May, appreciating by 43% against the dollar, and maintained momentum in June with a 42.6% gain. The cedi also strengthened against other major currencies. It appreciated by 25.6% and 24.2% against the euro, trading at GH¢12.11 and GH¢12.25 on the interbank market in June and July, respectively. Against the British pound, the cedi gained 30.3% and 31.2%, in June and July, with the exchange rate currently standing at GH¢14.02. Over the past two weeks, the cedi has held firm against the dollar and other major currencies. It closed at a mid-rate of GH¢10.48 per US dollar on...

 The local currency (cedi) continues to firm up, closing at GH¢12.00 to the US dollar on the forex market. This is its strongest showing so far this year. The appreciation signals growing investor confidence in the economy, buoyed by strong fiscal consolidation efforts and tight monetary policy measures by the Bank of Ghana. Checks by  Citi Business News  as at Wednesday May 21, showed that the cedi closed at GH₵12.10 to the US dollar at some forex bureaus.  The British Pound was selling at GH₵16.85 and the Euro going for GH₵14.60.  The performance of the cedi comes amid renewed foreign exchange inflows from improved export earnings, remittances and disbursements under Ghana’s IMF-backed programme. Analysts also point to the Central Bank’s intensified regulatory oversight in the forex market, which has helped curb speculative pressures and align market rates more closely with fundamentals. From the fiscal side, there is an intention to arrive at this point ...

The Bank of Ghana (BoG) has clarified that there is no ban on over-the-counter (OTC) cash withdrawals in foreign currency from bank accounts, amid public speculation and political commentary about a possible clampdown on dollar access in the country. In an official notice issued on Thursday, May 15, the Central Bank reaffirmed that withdrawals in foreign currency remain permissible under Ghana’s existing foreign exchange regulations. Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed,” the Bank of Ghana stated. The clarification comes in response to recent public debates sparked by remarks from Isaac Adongo, Member of Parliament for Bolgatanga Central and a Board Member of the Bank of Ghana. Adongo had suggested that the central bank was planning to intensify restrictions on OTC dollar withdrawals to help stabilise the Ghana cedi. However, the BoG’s official position contradicts those claims. ...

  Considering that 2025 is another year during which Ghana will not have access to the international capital market it is only to be expected that both participants in the local economy and international direct investors would be nervous about the direction and quantum of the change in the exchange rate between the Ghanaian cedi and the United States dollar over the coming months. Indeed it would appear they have good reason to worry. The relative exchange stability enjoyed by the cedi during the latter years of the previous decade and the start of this one were primarily achieved by heavy borrowing of US dollars in the form of annual Eurobond issues of US$3 billion, most of which was used to prop up the supply of foreign exchange on the local currency market. However when the three international sovereign credit ratings agencies – Fitch, Moodys and Standard & Poors - all decided that Ghana’s public forex debt was unsustainable towards the end of 2022 and Bloomberg began justif...

 The Ghana cedi continued its fine performance in the retail market last week clawing back some gains against the US dollar amid improved market liquidity. This narrowed its year-to-date loss to 0.96%, making it one of the best performing currencies in Africa so far this year. It started the last week of February 24, 2025, on a stable note against the American greenback. It is presently going for GH¢15.72 against one US dollar in the retail market. Last week, the Bank of Ghana (BoG) injected liquidity, selling US$155.53 million through the daily foreign exchange auctions and the interbank markets. As a result, the cedi gained 0.32% week-on-week versus the US dollar to close at a mid-rate of GH¢15.68. This took the year-to-date loss to 0.96% as against 1.27% the previous week. However, the local unit depreciated by 0.77% against the pound, as positive sentiment around the British currency remained strong. This follows US President Trump’s comments, which suggested that the UK may av...

 The Ghana cedi recovered sharply after losing grounds marginally against the US dollar last week. It begun this week selling at GH¢15.95 to one American greenback on the retail market, taking it annual depreciation to -1.27%. Analysts expect the local unit to stabilise in the coming week, with the Bank of Ghana likely to intensify foreign exchange support amid growing corporate demand. The cedi recorded a mixed performance last week, depreciating by 0.32% to the US dollar and gaining 0.31% against the euro. It also lost 0.26% to the British Pound. This performance follows two successive weeks appreciation to the American greenback and the other major foreign currencies. The local currency ended the week at GH¢16.00 to a dollar, taking the year-to-date loss to 1.74%. The decline was driven by reduced foreign exchange supply and rising demand pressures late in the week, which offset the Bank of Ghana’s earlier support. Analysts acknowledge that further forex drawdowns for buffer bui...

  The government is seeking the full participation from all investors in its dollar denominated bonds to restructure debts totalling about US$809 million. The successful completion of this aspect of the domestic debt exchange programme is very crucial to Ghana’s quest to restore debt sustainability which is a critical component of the IMF programme.   A draft memorandum of the invitation shows that the government intends to swap two dollar denominated bonds which are expected to mature in November 2023 and November 2026, respectively with new bonds that would mature in 2027 and 2028.   The new bonds will also come with a reduced coupon rate of 2.75 per cent and 3.25 per cent. This compares to the 4.75 per cent and 6 per cent offered for the old bonds. An exhange memorandum dated July 14 noted that the invitation to exchange would not embed any principal haircut on eligible bonds. It also pointed out that the Republic, in its sole discretion, may settle the eligible bonds ...

The Ghana cedi continued its strong run against the US dollar today, April 4, 2023, as it sold below ¢11. Checks by Joy Business at the forex bureaus indicate that the cedi is going for ¢10.80 to one American greenback. The cedi also improved in value against the euro and the pound selling at ¢12.14 respectively. Despite the economic recovery from both external and internal shocks, analysts are hopeful of a strong performance of the cedi this year all things being equal. The cedi gained more than 60 pesewas in value to the US dollar on April 3, 2023 to ¢11.50. Last week, the cedi also gained about 3% in value against the dollar, narrowing its year-to-date loss to about 17%. The cedi also gained 1.18% and 1.95% week-on-week to the pound and the euro respectively. This was due to the Bank of Ghana’s foreign exchange intervention and positive news about the progress of Ghana’s ongoing debt restructuring. The Central Bank provided $3 million on the spot market and allocated $20 million to ...

  The cedi continued its resurgence against the major trading currencies on the retail market last week. The local currency regained stability against the major trading currencies, with a 0.8 per cent appreciation to the US dollar. It also gained 2.3 per cent and 1.8 per cent to the British pound and the euro respectively, according to investment bank, GCB Capital. It said against the interbank reference rate, the cedi closed unchanged week-on-week.  It said in its weekly update that the cedi was trading at GH¢13.2 to the US$ and. GCB Capital said the appreciation of the cedi was partly due to the continuous injection of liquidity by the Bank of Ghana to support the cedi. It said the support came in he form of provision of US dollars to bulk oil distribution companies (BDCs) for imports. In that regard,it stated that the bank was expected to auction US$30 million to the BDCs at the next forward this week.

  Russia's invasion of Ukraine has disrupted economies and markets around the world, from energy and food prices to European banks, emerging market stocks and the Russian currency. Below are five charts that show how Europe's biggest conflict since World War Two (WWII) has shaped global financial markets in the last 12 months. The safest of safe havens There are many reasons why king dollar reigned supreme in the past year and one is its status as the ultimate safe haven in times of uncertainty. The economic fallout of the war, which hit currencies such as the euro hard, also lifted the dollar. The greenback is down from September's two-decade highs, but it's still up eight per cent against a basket of currencies since the conflict began. The impact on other safe havens, such as government bonds, is complicated, however. Yes, U.S. and European bond prices rose in the days following Russia's invasion as investors sought safety in top quality assets. But they soon fel...

  The Ghana cedi lost about 1.94% value to the US dollar last week to trade at an average of ¢13.0. The local currency closed the week at an indicative rate of ¢11.01/$1 on the interbank market. It also posted a week-on-week depreciation of 1.94% against the pound and 1.83% vs. the euro on the retail market. This was despite increased foreign exchange (FX) support on the market by the Bank of Ghana. Although the Bank of Ghana increased dollar support on the market, it could not tame the demand for the American greenback. The Central Bank also provided about $10.75 million on the spot market last week. Again, the regulator received and allocated $30 million at a 30-day forward rate of ¢12.1203/$1 for the Bulk Oil importers (BDCs) compared to the rate of ¢11.9095/$1 in the previous auction. This showed signals of demand pressures. The cedi is presently going for ¢13.05 to the dollar in the retail market. Meanwhile, analysts are hopeful the successful settlements of the new bonds and ...