The Ghana cedi opened the first week of February 2026 trading at GH¢10.95 to the United States (US) dollar on the Bank of Ghana (BoG) interbank foreign exchange market, official data showed on Monday, February 2, 2026.
According to rates released by the central bank, the dollar was quoted at a buying rate of GH¢10.9445 and a selling rate of GH¢10.9555, reflecting a relatively narrow spread on the official market. The pound sterling traded at GH¢15.0159 for buying and GH¢15.0320 for selling.
The euro was quoted at GH¢13.0006 on the buying side and GH¢13.0116 on the selling side on the interbank platform.
However, rates at forex bureaus remained significantly higher than official interbank quotations. The dollar was being bought at GH¢11.75 and sold at GH¢12.10 at forex bureaus, representing a substantially wider margin compared to BoG rates. The pound sterling fetched buying rates of GH¢15.40 and selling rates of GH¢16.30, while the euro traded at GH¢13.40 for buying and GH¢14.30 for selling.
The elevated bureau rates indicate sustained pressure on the local currency, driven by strong demand for foreign exchange amid constrained supply. Market analysts attribute this pattern to increased import-related transactions typically observed at the beginning of a new financial year as businesses ramp up commercial activity.
Commercial banks also posted varied rates on Monday. Stanbic Bank Ghana quoted the dollar at buying rates of GH¢10.65 for both cash and telegraphic transfers (TTs), with selling rates of GH¢11.75 for cash and GH¢11.05 for TTs. The bank’s pound sterling buying rate stood at GH¢14.4840, with selling rates of GH¢16.1328 for cash and GH¢15.1717 for TTs.
The cedi’s performance in early February follows a volatile January 2026, during which the local currency experienced fluctuations against major trading currencies. Data from currency tracking platforms indicate the cedi averaged GH¢10.623 to the dollar in 2026, with a minimum of GH¢10.468 and a maximum of GH¢10.790.
The Bank of Ghana is expected to sustain market interventions in the coming months to curb excessive volatility and stabilize the cedi. Central bank officials have emphasized the importance of managing exchange rate pressures to support macroeconomic stability and protect purchasing power.
Market participants will closely monitor upcoming monetary policy decisions and external inflows for signals on the near-term outlook of the local currency. The Monetary Policy Committee (MPC) is scheduled to announce its next policy rate decision later this month, with analysts anticipating continued focus on inflation control and currency stability.
The cedi’s depreciation has remained a persistent challenge for Ghana’s economy, affecting import costs, debt servicing obligations, and overall price levels. The country’s current policy rate stands at 25 per cent as of November 2025, reflecting efforts to address inflationary pressures and maintain currency stability.
Foreign exchange reserves and external sector performance will remain critical factors influencing cedi movements throughout 2026. The government has emphasized attracting foreign direct investment and boosting export earnings as long-term solutions to currency pressures.
The differential between official interbank rates and parallel market rates underscores ongoing challenges in foreign exchange allocation and market liquidity management.
