The Ghana cedi suffered a 3.1% dip against the US dollar in July 2026, reversing almost all of its gain in June.

The cedi appreciated by 3.3% in June and recorded a 3.1% depreciation in July, meaning the cedi’s July decline was about 94% of its June gain, leaving almost no net progress.

This took its year-to-date loss to 10.4% in the interbank market.

According to reports, the cedi’s appreciation in June was linked to the Bank of Ghana’s aggressive forex interventions, as the cedi had recorded consecutive declines against the dollar from January through to May.

Also, with Ghana’s debt obligation settlements, such as the US$700 million Eurobond payment, and the BoG’s US$811 million forex intervention in June reducing the country’s gross foreign reserves by US$1.2bn to US$12.9bn, IC Insights expects the Bank of Ghana to continue its regular intermediation, albeit with constrained intervention capacity.

The cedi’s poor performance has been attributed to sustained import demand and cautious forex supply conditions, with sentiment influenced by recent concerns about the Bank of Ghana.

Cedi performance from January to May

The Ghana cedi began 2026 on a weak footing, depreciating by 6.42% in January. This downward trend intensified in February with a sharp 19.68% fall, followed by another 14.09% decline in March. Although the pace of depreciation slowed in April (0.30%) and May (0.30%), the currency still ended May with a cumulative year-to-date loss of over 11%.

Govt's measures to sustain cedi

Meanwhile, as part of a revamped reserve-building drive, large-scale gold miners ‌have been instructed by the government to sell 30% of their gold output to the central bank from the earlier 20%, this is according to a Reuters report.

According to the report, the directive is yet to be accepted by miners, as key commercial terms remain unresolved. Last year, miners operating under valid mining license were offered a special temporary bonus scheme from the Ghana Gold Board (GoldBod) in efforts to support the industry as well as combating gold smuggling.

The licensed miners will enjoy an additional GH¢832 per pound of gold sold through the Ghana Gold Board. This information was contained in a statement issued by the GoldBod on Wednesday, August 27.

“This novelty is in response to legitimate complaints from licensed miners about the significant reduction in the local price of gold in the last few months due to the continuous appreciation of the Ghana cedi.

“The special bonus will ensure that licensed miners who have contributed immensely to the country’s increased gold output and foreign exchange earnings do not indirectly suffer as a result of the significant appreciation of the Ghana cedi that they have helped the country achieve,” the statement read.

According to GoldBod, the recent development has been made possible as a result of the continuous appreciation of the Ghana cedi.