The Ghana cedi has come under renewed pressure in recent weeks, recording mild losses against major international currencies as markets await the outcome of Ghana’s latest review under the International Monetary Fund (IMF) programme.
Recent interbank market data shows the cedi depreciated by 1.64 per cent against the US dollar to trade at GH¢11.28/$, while weakening 2.46 per cent against the British pound to GH¢15.36/£ and 2.15 per cent against the euro to GH¢13.28/€.
In the retail market, the local currency posted a more moderate decline, slipping 0.84 per cent against the dollar to GH¢11.83/$. It also edged slightly lower against the pound to GH¢15.80/£, although it recorded a marginal gain against the euro, strengthening to GH¢13.75/€.
On a year-to-date basis, the cedi has depreciated by an average of 7.8 per cent as of May 8, 2026—significantly higher than the 2.5 per cent depreciation recorded during the same period last year.
According to **Databank Group Research, the recent decline aligns with market expectations as investors closely monitor the sixth review of Ghana’s IMF-supported programme, which is expected to conclude on May 15.
Analysts attribute the pressure to sustained import demand, cautious foreign exchange supply and concerns surrounding the financial position of the Bank of Ghana.
Despite the recent depreciation, analysts remain optimistic that the cedi could rebound, supported by Ghana’s strong reserve position and the anticipated approval of a $385 million Extended Credit Facility disbursement from the International Monetary Fund.
Databank expects exchange rate volatility to remain limited in the short term, projecting the cedi to trade within a range of GH¢10.95 to GH¢11.35 per dollar over the next two weeks.
