The cedi gained about 4.87% against the dollar in August; however, in the last two weeks, it has seen a depreciation, bringing its total loss against the dollar this year to 8.77%.

In the interbank market, the cedi weakened by 1.85% to GH¢11.46 per US dollar, while depreciating by 1.75% and 2.04% against the pound and euro to GH¢15.50 per pound sterling and GH¢13.31 per euro, respectively.

Retail forex movements were, however, relatively subdued, with the dollar, pound and euro closing at GH¢11.90 (+0.42%), GH¢15.93 (-0.16%) and GH¢13.68 (unchanged), respectively.

This was contained in Databank Research’s fortnightly cedi performance report, published in mid-September 2026.

The research firm attributes the cedi’s weakness to what it describes as a largely front-loaded depreciation, with roughly 70% of the fortnight’s depreciation occurring in the first week.

“Pressure stemmed from strong corporate and offshore FX [Forex] demand, particularly for import payments, coupon repatriation and an early year-end inventory build-up, against a relatively tight interbank supply. At the same time, the BoG’s [Bank of Ghana’s] reportedly lowered the US$500mn September [2026] intervention target, further reducing the near-term liquidity cushion,” it added.

Going forward, the research firm expects the cedi to retain a mild depreciation bias in the coming weeks. However, GoldBod’s planned US$700 million forex supply to commercial banks, together with continued BoG support and reserve accumulation, should improve market liquidity and help contain the risk of a disorderly adjustment.

Meanwhile, the cedi began this week trading at GH¢11.95 to a dollar at the forex bureaus. In the interbank market, the local currency is trading at GH¢11.46 to one US dollar.

Its year-to-date depreciation stood at nearly 9.0%.

Govt measures to sustain cedi

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, up from the earlier 20%, 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 licences were offered a special temporary bonus scheme by the Ghana Gold Board (GoldBod) in an effort to support the industry and combat 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 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.

On July 7, a task force was inaugurated with a special mandate and specific powers as police officers to wage war against smuggling and all forms of illegal gold trading activities in the country.

According to the Acting Chief Executive Officer of GoldBod, Sammy Gyamfi, this will save the government from leakages in revenue mobilisation in the sector, helping to generate and invest revenue for economic development.

“(This will) help the state combat and defeat the phenomenon of gold smuggling, the canker of illegal gold trading, and price disruptions that deprive the state of the needed revenue, profit, and the needed forex for our economy and the development of our country,” he announced.

He thus cautioned traders to secure the appropriate licence to engage in any form of gold trading in the country, saying, “But for those who are hell-bent on trading illegally without the licences, we are serving notice that we are coming after you.”