Ghana cedi jumps 6.9% against dollar in one week

The Ghana cedi appreciated sharply against the United States dollar over the past week, strengthening from an interbank buying rate of GHS11.75 on August 10, 2026 to GHS10.94 on August 17, 2026, according to Bank of Ghana daily exchange rate data. The move represented an appreciation of about 6.9 per cent against the dollar within seven days.

The rally extended across other major currencies, with the pound sterling and the euro also weakening against the cedi over the same period. Traders cited easing corporate dollar demand and robust foreign exchange supply as key drivers of the gains.

How the cedi moved day by day

Bank of Ghana data showed that the dollar's interbank buying rate initially rose marginally to GHS11.7641 on August 11 before declining to GHS11.73 on August 12. The cedi then strengthened further, with the dollar's buying rate falling to GHS11.34 on August 13 and GHS10.97 on August 14.

By August 17, the first trading day after the weekend, the rate had declined further to GHS10.94, its lowest level during the period under review. The dollar's interbank selling rate followed a similar trend, falling from GHS11.77 on August 10 to GHS10.96 on August 17.

Gains against sterling and the euro

The cedi also appreciated against other major international currencies during the period. The pound sterling's interbank buying rate fell from GHS15.86 on August 10 to GHS14.83 on August 17, while the euro declined from GHS13.59 to GHS12.67.

The data further showed relatively narrow buying and selling spreads across the major currencies, pointing to stable conditions in the interbank foreign exchange market.

What is driving the rally

Reuters reported on August 13, 2026 that Ghana's cedi could gain further ground against the dollar in the following week, according to traders. LSEG data showed the cedi trading at 11.00 to the dollar on August 13, compared with 11.74 a week earlier.

The cedi's gains were supported by easing corporate dollar demand and inflows from the mining sector and the central bank. Stanbic Bank Ghana trader Ronald Mensah said the cedi posted significant gains as dollar supply continued to outstrip demand on the interbank market, and that he expected further cedi appreciation in the coming sessions.

Another trader expected the cedi to trade stronger as foreign exchange supply remained robust from the central bank, mining sector and interbank market.

A steadier outlook

The narrower spreads and sustained supply conditions point to a more stable interbank foreign exchange market, even as the cedi's rapid appreciation drew attention from market participants. The figures reflect a notable shift in the cedi's trajectory after a period of pressure against the dollar.