The Ghana Union of Traders’ Associations (GUTA) has described the current performance of the cedi as encouraging, saying recent exchange rate stability has eased uncertainty for businesses despite some pressure recorded during the second quarter of the year.Geographic Reference
President of the Association, Clement Boateng said the local currency has staged a strong recovery and remains relatively stable against major foreign currencies.
“I would say the cedi has rebounded and is performing well. We even hope for further improvements, but I think the situation we find ourselves in currently is not all that bad,” he said during the second Quarterly Economic Outlook by Channel One TV.
According to him, the gap between the Bank of Ghana’s interbank exchange rate and the retail foreign exchange market is now relatively narrow, providing certainty for importers and traders.
“If you look at the Bank of Ghana rate, it’s about GH¢11.30 thereabouts, and then on the retail foreign exchange market it’s around GH¢12.10 to GH¢12.15. I think that is not all that bad,” Boateng stated.
Ghana continues to record improvements in key macroeconomic indicators, including lower inflation, easing interest rates and stronger external reserves, all of which have contributed to renewed confidence in the economy.
In June 2026, the Central Bank injected US$2.01 billion into the market to support the local currency and meet rising demand for foreign exchange.
The intervention comprised US$1.2 billion under the Forex Intermediation Programme and an additional US$811 million through the Bank’s FX Intervention Programme.
The cedi has stabilised at about GH¢11 to the US dollar on the interbank market and around GH¢12 on the retail foreign exchange market after experiencing some depreciation during the second quarter.
Economic watchers attribute the temporary pressure on the currency to seasonal foreign exchange demand rather than a deterioration in economic fundamentals.
One other factor they cite is the increased demand for dollars by multinational companies repatriating profits.The heightened geopolitical tensions in the Middle East has also pushed global crude oil prices higher and increased Ghana’s foreign exchange demand as a net importer of petroleum products