Over the past fortnight, the Cedi extended its year-to-date depreciation against the US dollar to 10.04%.In the official interbank market, the national currency weakened by 1.39% to GH¢11.62 per US dollar. However, its performance against other major trading currencies showed some resilience, gaining 0.70% against the British Pound (GH¢15.40) and 0.47% against the Euro (GH¢13.24). Meanwhile, retail foreign exchange markets exhibited mixed results.At local forex bureaus, the Cedi recorded a slight appreciation of 0.21% against the US dollar (GH¢11.93) and 0.91% against the euro (GH¢13.73), though it fell by 0.31% against the pound to GH¢15.88.

A major domestic driver behind this persistent demand for foreign currency is intense buying pressure from key commercial industries.Analysts from Databank Research attributed the Cedi’s dollar weakness primarily to sustained foreign exchange demand coming from Ghana's energy and manufacturing sectors.

This heightened demand has collided with a relatively tight supply of foreign exchange in the interbank market.Although the Bank of Ghana (BoG) injected approximately US$445 million in FX support into the market during September 2026,this intervention fell slightly short of its US$500 million target.On the global stage, external macroeconomic factors have also compounded the pressure.

A September interest rate hike by the US Federal Reserve strengthened the greenback globally,creating headwinds for emerging market currencies like the Cedi. On the other hand, relative weakness in the Euro and British Pound offered mild cross-rate support for Ghana's currency.

As commercial activity ramps up for the final quarter of the year, seasonal market demand is expected to remain high. Outlining the near-term economic outlook, Databank Research noted:“Looking ahead, we expect the cedi to maintain a mild depreciation bias as seasonal FX demand builds into the festive period”.

Navigating the seasonal fluctuations of the Ghanaian Cedi requires a clear understanding of both local commercial demand and international monetary policies. With forex bureau rates holding near GH¢11.90 to the dollar and festive buying picking up, staying informed on official rate updates and central bank interventions is vital for smart financial planning.

#Ghanaian Cedi exchange rate