The Ghana cedi continued to lose ground against major trading currencies in the third week of March, with Bank of Ghana (BoG) interbank data showing a consistent decline before public holidays halted fresh rate-setting.
Between 16 and 19 March 2026, the cedi depreciated 0.64 percent against the US dollar, with the interbank mid-rate moving from GH₵10.87 to GH₵10.94. The currency fared worse against sterling, weakening 1.09 percent from GH₵14.46 to GH₵14.62, and shed 0.98 percent against the euro, sliding from GH₵12.49 to GH₵12.61 over the same four trading days.
With 20 and 23 March observed as public holidays, no new interbank rates were recorded for those sessions, leaving 19 March as the most recent official benchmark ahead of the new trading week.
The retail foreign exchange market continues to price the cedi at a premium to the central bank rate. Some forex bureaus posted a mid-rate of GH₵11.65 to the dollar during the period, a spread that reflects persistent retail demand above the interbank benchmark.
The USD/GHS rate stood at 10.9128 on 24 March 2026, edging up 0.07 percent from the previous session, with the cedi down around 2.44 percent over the past month.
The latest movement fits the broader first-quarter trajectory. Bank of Ghana data from its March 2026 Summary of Economic and Financial Data show a year-to-date interbank depreciation of 3.9 percent between January and mid-March, an improvement from the sharper 4.6 percent decline recorded in January alone.
Despite the near-term softness, the cedi’s position over a longer horizon remains notably stronger. The currency has strengthened approximately 30 percent over the past twelve months, a recovery driven by improved fiscal discipline, stronger foreign exchange inflows and Ghana’s ongoing programme with the International Monetary Fund (IMF).
The BoG interbank rate remains the reference for commercial bank and corporate transactions, while bureau rates reflect retail-level demand dynamics that have consistently run above the official floor.
