Ghana’s informal foreign exchange market maintains a significant divide, with street dollar rates currently 10.3% to 11.6% higher than the official Bank of Ghana (BoG) interbank selling rate. Forex bureaus quoted US dollars between GHS 12.35 and GHS 12.50 on Thursday, June 18, while black-market operators traded around GHS 12.30. This compares to the BoG’s official interbank selling rate of GHS 11.1986.
This premium above the interbank rate has continued despite the Ghana cedi’s recent strong performance. The cedi’s appreciation stems from improved foreign exchange liquidity, rising reserves, and sustained central bank interventions. For example, the cedi gained 7.15% against the dollar in the previous week, strengthening from GHS 11.80 to GHS 11.05.
The persistent gap highlights an ongoing challenge in Ghana's financial markets. The unofficial cedi-dollar exchange rate premium suggests that retail dollar markets have not yet fully reflected the improved interbank conditions. This divergence affects ordinary citizens and smaller businesses relying on forex bureaus and informal channels for their foreign currency needs. These channels often face a more limited supply of foreign currency.
Market participants largely attribute the cedi’s recovery to stronger liquidity conditions and increased interbank trading activity. The Bank of Ghana actively sells dollars to commercial banks. During the week, the central bank offered US$260 million through its foreign exchange auctions, against bids of about US$155 million. This indicates that supply currently exceeds demand in the official interbank market.
The Bank of Ghana has responded by tightening its oversight of foreign exchange channels. It directed financial institutions to stop facilitating access to unauthorized foreign-currency wallet services offered by certain crypto platforms. The central bank stated these platforms operated without proper approvals required by the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723). Non-compliant institutions face supervisory and enforcement actions.
In a related move, the BoG extended the registration deadline for existing International Money Transfer Operators (IMTOs) to July 31, 2026. This allows these operators more time to comply with new guidelines. The regulator warned that partnerships involving non-compliant operators will be null and void after this deadline.
Global energy market developments also offer potential relief for Ghana’s foreign exchange demand. A new agreement between the United States and Iran to reopen the Strait of Hormuz could significantly impact oil prices. Brent crude fell to about US$79.45 per barrel on Wednesday, its lowest since early March. Lower oil prices would reduce the dollar outflows Ghana needs for petroleum imports. Ghana relies heavily on imported petroleum products due to limited domestic refining capacity.
Analysts caution that the full impact of lower oil prices on Ghana's import bill may take time to materialise. Repairing infrastructure and rebuilding inventories could take several months. The durability of the Iran agreement, which includes a 60-day negotiation period on Iran’s nuclear programme, also remains a factor to watch. Failure to reach a settlement could lead to renewed tensions.