The Ghana cedi has entered the second half of 2026 under renewed pressure, as rising demand for foreign exchange from businesses continues to weigh on the local currency despite significant interventions by the Bank of Ghana.

Latest data from the central bank’s July 2026 Summary of Economic and Financial Data show that the cedi has depreciated by an average of about 8.7% against major trading currencies since the beginning of the year.

Against the US dollar, the local currency has weakened by 9.5%, trading at GH¢11.55 on the interbank market, compared with GH¢10.95 at the start of 2026.

The cedi has also recorded losses against the British pound and the euro, depreciating by 9.5% and 7.1% respectively.

The interbank exchange rates currently stand at about GH¢15.52 to the pound and GH¢13.21 to the euro.

Pressure has been more visible in the retail foreign exchange market, where stronger demand for dollars has pushed the cedi to around GH¢12.25 to the dollar.

The pound and euro are trading at approximately GH¢16.50 and GH¢14.10, respectively.

The latest movements highlight renewed strains in Ghana’s foreign exchange market, with demand for hard currency continuing to test available supply.

In response, the Bank of Ghana has intensified efforts to improve dollar liquidity and contain excessive volatility.

In June 2026, the central bank injected US$2.01 billion into the foreign exchange market.

The intervention comprised US$1.2 billion through the Foreign Exchange Intermediation Programme and an additional US$811 million under its FX Intervention Programme.

Economic analysts believe the interventions could help limit further pressure on the cedi, particularly if supported by stronger foreign exchange inflows and improved market confidence.

However, commercial banks report that demand pressures have persisted in recent weeks, with businesses seeking more dollars than the market has been able to provide.

Industry players point to increased foreign exchange needs from the energy sector, including payments for crude oil imports, refined petroleum products and obligations to independent power producers, as key factors driving demand.

Others argue that the recent depreciation reflects a temporary imbalance between dollar supply and demand rather than a fundamental shift in the currency’s outlook.

The performance of the cedi in the coming months is expected to depend on the strength of foreign exchange inflows, fiscal discipline and the government’s broader economic reform programme.