The Bank of Ghana (BoG) says it expects the recent stability of the cedi to be sustained, citing improved conditions in the foreign exchange market and measures introduced to boost dollar liquidity.
According to the Central Bank, its Forex Intermediation and Foreign Exchange (FX) Intervention programmes have helped improve the supply of foreign currency and ease pressure on the local currency.
The cedi recorded its first monthly appreciation of more than three per cent in June 2026, according to the Bank of Ghana’s latest Monetary Policy Analysis report obtained by JoyBusiness.
The Central Bank is optimistic that the currency’s performance will remain stable, supported by plans to inject about US$1 billion into the market through its Forex Intermediation Programme in July 2026.
The report suggests that the strong demand for foreign exchange, which contributed to the cedi’s depreciation during the first quarter of the year, has begun to ease. The Bank attributed this to the completion of major restocking activities by businesses and the impact of measures introduced to better manage demand for US dollars.
“The Bank of Ghana’s FX Intermediation Programme helped moderate pressures on the cedi that came from frontloading of demand, particularly from the energy sector,” the Central Bank said.
It added that the programme would continue to improve liquidity in the foreign exchange market while helping to reduce speculative demand for dollars.
Currently, some commercial banks are selling the US dollar at about GH¢11.55, while forex bureaux are quoting rates of around GH¢12.30.
Expected Dollar Inflows to Strengthen Reserves
The Bank of Ghana also expects stronger foreign exchange inflows in the coming months to reinforce Ghana’s reserve position.
It projects that remittance inflows will increase between the second and third quarters of the year, providing additional support for the country’s foreign exchange reserves.
The Central Bank further expects inflows of about US$380 million under Ghana’s International Monetary Fund (IMF) programme, as well as an additional US$240 million anticipated in July 2026.
It also believes renewed investor confidence, following Ghana’s recent Fitch credit rating upgrade and the government’s early Eurobond repayment, will further support the economy.
Risks Remain
Despite the positive outlook, the Bank of Ghana cautioned that external risks continue to pose challenges.
It warned that uncertainty surrounding the fragile peace process in the Middle East could trigger higher global crude oil prices, increasing demand for US dollars by businesses in Ghana.
The Central Bank said it would continue to monitor developments in the foreign exchange market and implement appropriate measures to maintain the recent stability of the cedi.
