The Ghana cedi is expected to remain relatively stable in the medium term, according to PricewaterhouseCoopers (PwC) Ghana. This projection follows recent foreign exchange interventions by the Bank of Ghana and ongoing improvements in the country's macroeconomic conditions.
The Bank of Ghana injected US$2.01 billion into the foreign exchange market in June 2026. This significant intervention specifically aimed to meet rising dollar demand and support the cedi's stability. US$1.2 billion was supplied through the Forex Intermediation Programme and an additional US$811 million through the Bank's FX Intervention Programme.
Ghana's economy has shown recent improvements across several key indicators. These include greater exchange rate stability, a decline in inflation rates, and stronger investor confidence. The central bank's actions are crucial for maintaining economic predictability, especially for businesses and investors.
Vish Ashiagbor, Country Senior Partner of PwC Ghana, confirmed this outlook. He stated that the Bank of Ghana's measures to improve dollar liquidity have effectively stabilized the currency. Mr. Ashiagbor made these remarks at the launch of the PwC Ghana 2026 Banking Survey in Accra. He added, “From a medium-term perspective, we continue to believe that the cedi will operate within the current band. We do not expect to see any major appreciation or depreciation in either direction.”
This stability is vital for Ghana's economic planning and business operations. A predictable exchange rate helps companies manage import costs and plan for future investments. It also contributes to controlling inflation, which directly affects the purchasing power of Ghanaian citizens.
Regarding monetary policy, Mr. Ashiagbor anticipates the Bank of Ghana will keep its policy rate unchanged at the next Monetary Policy Committee (MPC) meeting. The central bank has already factored inflation risks into its previous decision to maintain the rate. This consistent approach aims to manage inflation expectations and support economic recovery.
The PwC Ghana 2026 Banking Survey also highlights the evolving operating landscape for banks. It suggests financial institutions must adapt their business models as interest rates potentially decline. Traditional income sources for banks may come under pressure in this changing environment. This situation requires banks to innovate and find new ways to generate revenue.
Overall, the projected stability of the cedi signals a positive trend for Ghana's financial markets. It could attract more foreign direct investment and boost business confidence. This outlook provides a stable foundation for economic growth in the coming months.