The Bank of Ghana (BoG) says it is optimistic that the cedi will maintain its recent stability as conditions in the foreign exchange market continue to improve and demand pressures on the US dollar begin to ease.
According to the Central Bank, a combination of policy interventions, including its Forex Intermediation and Foreign Exchange (FX) Intervention programmes, has helped boost dollar liquidity in the market and reduce pressure on the local currency.
The latest Monetary Policy Analysis report, cited by JoyBusiness, shows that the cedi recorded its first monthly appreciation of more than 3% in June 2026, marking a significant turnaround after coming under pressure earlier in the year.
The Bank expects the positive trend to continue in the coming weeks, supported by plans to inject about US$1 billion into the foreign exchange market through its Forex Intermediation Programme in July.
Officials believe the heavy demand for foreign currency that contributed to the cedi’s depreciation during the first quarter of the year has begun to subside.
According to the Central Bank, many businesses have completed their major import and restocking activities, while recent measures aimed at managing demand for foreign exchange are beginning to produce the desired results.
“The Bank of Ghana’s FX intermediation programme helped moderate pressures on the cedi that came from frontloading of demand, particularly from the energy sector,” the Central Bank stated.
It added that the programme will continue to improve liquidity in the foreign exchange market while helping to curb speculative demand for dollars.
The Bank also reaffirmed its commitment to sustaining the cedi’s recent gains through continued market interventions and prudent monetary policy measures.
The improved performance of the local currency has already begun reflecting in exchange rates across the market. Some commercial banks are currently selling the US dollar at around GH¢11.55, while forex bureaux are quoting rates of approximately GH¢12.30.
The Bank of Ghana believes maintaining adequate foreign exchange liquidity and addressing speculative demand will be key to preserving exchange rate stability in the months ahead.
