Cedi dips further as external shocks intensify; one dollar equals GH¢11.70 at forex bureaus
The Ghana cedi dipped further this week at the forex bureaus. One dollar equals GH¢11.70. The cedi extended its mild correction over the two-week review period, shedding some gains across major pairs.
In the interbank market, the cedi depreciated against the dollar and euro to GH¢11.00/US dollar (-0.27%) and GH¢12.70/EUR (-0.47%) but edged up 0.13% against the pound to GH¢14.56. In the retail segment, the cedi softened against the dollar to GH¢11.68/USD (-0.21%), while appreciating against the pound and the euro by 1.31% and 0.75%, respectively, to GH¢15.30 against the pound and GH¢13.30 against the euro. Overall, the currency posted mixed but broadly stable performance. According to Databank Research, "We believe the current cedi slippage is largely driven by mounting demand pressures, particularly from Bulk Oil Distribution Companies (BDCs) requiring more foreign currency amid elevated crude oil prices. Stable retail rates reflect tight spreads supported by central bank interventions". Its year-to-date appreciation, however, stands at 4.51%.
Looking ahead, forecasting points to expectations tilted against the cedi as West Asia conflicts present a double-edged sword - boosting gold/oil export windfalls on one hand, while threatening energy security and amplifying safe haven forex demand on the other. Despite these favourable inflows, the heightened demand and bearish sentiment to counter cautious forex interventions is weighing on the cedi.
Quick Summary
The Ghana cedi's recent performance has been a mixed bag against major currencies. Analysts suggest that global events are creating both opportunities and challenges - but what does this mean for the exchange rate?
Summary - read the full story for complete context.

Image: Joy Business
GhanaFront aggregates news from trusted sources. Click to read the original article.
Keywords
Explore related tagsMore from Joy Business
Related Stories
More from Business & Economy

African governments must back African multinationals - Dr Ishmael Yamson
Discover why a prominent business leader believes African governments must change their approach to supporting home-grown multinational companies.
9 Aug•3 min read

IMF cautions Ghana over energy sector despite progress made in paying energy debts
Despite Ghana's efforts to settle energy debts, the IMF points to lingering issues that could hinder the sector's potential for economic advancement.
9 Aug•2 min read

Minister upholds revocation of Adamus Resources mining leases following independent committee review
Discover the serious allegations that led to the Minister's final decision regarding Adamus Resources Limited's mining leases.
10 Aug•2 min read

GoldBod generated GH¢970m in non-tax revenue in 2025 - CEO
Discover how GoldBod's operations are contributing to state revenue and what this means for Ghana's gold sector.
10 Aug•2 min read





