Ghana’s cedi has shown signs of stabilization, with its depreciation against the US dollar slowing to just 1.65% in 2026 so far a sharp improvement from over 4% earlier in the year, according to major commercial bank quotes.
This positive shift builds on a 2.21% appreciation recorded from mid-February, when the month opened at USD/GH¢10.9500/10.9800 and closed at GH¢10.7000/10.7550.
Analysts point to improved foreign exchange (FX) liquidity, driven by higher dollar supply and softer demand from businesses. Key factors include the week-long Chinese New Year holiday, which materially reduced hard currency needs. One market player noted to JoyBusiness: “By mid-February, FX liquidity improved, coinciding with the Chinese New Year holidays.”
The Bank of Ghana bolstered the market through its dollar intermediation program, selling $902 million in February via bi-weekly auctions nearing its $1 billion target. Trading stayed robust, with daily averages around $20 million and the month’s final session hitting $18 million in the 10.6300–10.7550 range.
The central bank plans to continue this approach in March, maintaining the $1 billion target. While some analysts anticipate mild pressure as post-holiday demand resumes, others expect upcoming domestic bond issuances to draw offshore investors, injecting liquidity and supporting cedi stability.
Story by: Mercy Addai Turkson#ahotorfmonline.com