The Ghana cedi, recorded a slight decline over the past two weeks, weakening against major international currencies across both the interbank and retail foreign exchange markets.

Data from the market showed that in the interbank market, the cedi depreciated by 1.64% against the US dollar to trade at GHS11.28. It also lost 2.46% against the British pound to GHS15.36 and weakened 2.15% against the euro to GHS13.28.

In the retail market, where most businesses and individuals exchange foreign currency, the cedi slipped by 0.84% against the dollar to GHS11.83. The local currency also posted mild losses against the pound and euro, trading at GHS15.80 and GHS13.75 respectively.

Despite the recent correction, the cedi’s year-to-date depreciation averaged 7.8% against the major foreign currencies as of May 8, 2026. This compares with a 2.5% depreciation recorded during the same period in 2025.

According to Databank Research, the cedi’s recent performance aligns with earlier market expectations. The research firm attributed the currency’s weakness to sustained demand for imports and cautious foreign exchange supply conditions within the market.

Databank Research also noted that investor sentiment has been affected by recent concerns surrounding the financial position of the Bank of Ghana.

However, the firm remains optimistic about the medium-term outlook of the local currency. It believes Ghana’s strong foreign reserve position and the expected approval of the International Monetary Fund’s US$385 million Extended Credit Facility programme could provide additional support for the foreign exchange market.

The research firm expects the cedi to remain relatively stable over the coming weeks, forecasting that it will trade within a range of GHS10.95 to GHS11.35 to the US dollar by the end of the next fortnight.

Meanwhile, checks at some forex bureaus at the start of this week showed the cedi trading at about GHS11.90 to the dollar.

Despite the recent decline, the cedi has still recorded a year-to-date appreciation of 2.53% in the retail market, indicating that the currency has maintained some gains since the beginning of the year.