Cedi Crosses GH¢11 to US Dollar After Past Few Weeks Of Depreciation
The Ghana cedi has crossed GH¢11 to the US dollar, according to commercial bank quotes.
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Joy News reported that some banks are selling the dollar as high as GH¢11.30.
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The Bank of Ghana’s official rate pegged the dollar at GH¢10.90, while forex bureaus are selling around GH¢12.20.
Despite the depreciation, a Databank Research report noted that the cedi is still Africa’s best-performing currency against the dollar, appreciating about 36% year-to-date, though this is down from over 40% earlier in August.
Commercial banks attribute the pressure to the limited dollar supply from the Bank of Ghana alongside strong demand. Businesses are seeking dollars to finance Christmas imports, while others are buying in anticipation of future scarcity.
Data also shows that the central bank reduced the supply of the dollar through its forex auctions.
Earlier in August, commercial banks demanded over $300 million, but only $100 million was supplied.
A report by IC Securities further revealed that forward sales in July 2025 fell by 53.6% compared to June, with the Bank of Ghana absent from the market on July 25 and 29, which was the first time since April.
Source: YEN.com.gh
