Cedi's performance encouraging despite Q2 pressure - GUTA

The Ghana Union of Traders' Associations (GUTA) says it is encouraged by the cedi's current performance, noting that the recent stability in the exchange rate has taken some of the uncertainty off businesses, even though the currency came under pressure during the second quarter of the year.

Speaking at the second Quarterly Economic Outlook, organised by Channel One TV on Thursday, July 9, 2026, GUTA President Clement Boateng said the local currency has bounced back strongly and remains fairly stable against the major trading currencies.

"I would say the cedi has rebounded and is performing well. We even hope for further improvements, but I think the situation we find ourselves in currently is not all that bad," he said.

Boateng noted that the gap between the Bank of Ghana's interbank rate and the retail forex market has narrowed considerably, giving importers and traders more certainty to plan around.

"If you look at the Bank of Ghana rate, it's about GH¢11.30 thereabouts, and then on the retail foreign exchange market it's around GH¢12.10 to GH¢12.15. I think that is not all that bad," he said.

Ghana has continued to see improvements across key macroeconomic indicators. Inflation is coming down, interest rates are easing, and external reserves are strengthening. These are developments that have helped restore confidence in the economy.

In June 2026, the Bank of Ghana pumped US$2.01 billion into the market to shore up the cedi and meet growing demand for foreign exchange. That figure was made up of US$1.2 billion from the Forex Intermediation Programme and a further US$811 million through the Bank's FX Intervention Programme.

The cedi has since settled at around GH¢11 to the dollar on the interbank market and about GH¢12 on the retail market, following a period of depreciation earlier in the second quarter.

Economic watchers say the pressure the currency faced was largely seasonal rather than a sign of weakening fundamentals. They point to increased dollar demand from multinational companies repatriating profits as one driver.

Rising tensions in the Middle East have also pushed global crude oil prices up, adding to Ghana's forex demand given the country's position as a net importer of petroleum products.

DR/BAI