The Ghanaian cedi weakened mildly against major foreign currencies over the past two weeks as markets position ahead of the outcome of Ghana’s sixth review under the International Monetary Fund (IMF) programme, scheduled for May 15.
On the interbank market, the cedi lost 1.64 percent against the US dollar to trade at GHS 11.28, while also recording losses against the British pound and the euro. On the retail market, the local currency slipped to GHS 11.83 against the dollar.
Year-to-date depreciation has climbed to 7.8 percent as of May 8, 2026, up sharply from 2.5 percent during the same period in 2025, according to the latest available data.
Databank Research attributed the recent softness to market expectations ahead of the IMF’s sixth mission review, noting that the movement aligns with pre-review caution typical of programme economies.
Analysts cited sustained import demand, restrained foreign exchange supply and concerns over the financial position of the Bank of Ghana as additional factors weighing on the cedi.
Despite the pressure, analysts say the overall outlook remains stable. Strong reserve buffers and expectations of a $385 million IMF disbursement upon review approval underpin the positive medium-term assessment.
Databank Research projects the cedi to trade between GHS 10.95 and GHS 11.35 against the dollar over the next two weeks, with exchange rate volatility expected to stay largely contained in the short term.
