Ghana’s cedi has strengthened against major foreign currencies, with the US dollar rate falling below GHS 11.10 on the interbank market. This marks a sharp appreciation over a two-day period in June 2026.
Data from the Bank of Ghana shows the dollar buying rate decreased from GHS 11.49 on Thursday, June 11, to GHS 11.04 by Friday, June 12. The selling rate similarly declined from GHS 11.5 to GHS 11.06 over the same period. This represents an approximately 4% appreciation in the cedi’s value within 48 hours.
This recent strengthening follows a $1.2 billion foreign exchange injection by the Bank of Ghana earlier in June. The intervention aimed to stabilize the market during increased demand for foreign currency. Ghanaian multinational companies typically repatriate profits at the end of the second quarter, leading to higher demand for foreign exchange. This intervention highlights the central bank's ongoing efforts to manage currency stability amidst external pressures.
The interbank exchange rates, used by commercial banks for transactions, serve as a critical guide for Ghana's foreign exchange market. These figures show that foreign currency rates eased generally, despite the seasonal increase in demand. The Bank of Ghana's actions directly influence these rates, impacting the cost of imports and the value of foreign investments in Ghana.
Beyond the US dollar, the cedi also gained against other major global currencies. The British pound sterling's selling rate dropped from approximately GHS 15.41 to GHS 14.74. Similarly, the euro declined from about GHS 13.29 to GHS 12.72 over the same two-day span. This broad strengthening provides relief for businesses and consumers dealing with import costs.
Economists will closely monitor whether this strengthening trend is sustainable or if it is a temporary effect of the central bank's intervention. Future currency stability will depend on sustained foreign investment inflows, export earnings, and prudent fiscal management. Businesses and investors will watch for further policy statements from the Bank of Ghana regarding its foreign exchange market strategy.
The cedi’s performance is a key indicator of Ghana’s economic health, reflecting investor confidence and the balance of payments. A stable cedi can help curb inflation, making goods and services more affordable for the average Ghanaian. Continued central bank vigilance will be crucial to maintaining this positive momentum and preventing significant depreciation.