Cedi may receive support as Bank of Ghana steps up FX interventions

Ghana’s cedi could, from next week, receive support from increased foreign exchange interventions by the Bank of Ghana, according to a Reuters report on currency performance across Africa.

The report noted that the central bank has stepped up both the frequency and size of its foreign-currency auctions in a move aimed at easing pressure on the local currency.

Data from the London Stock Exchange Group (LSEG) showed the cedi trading at 11.72 to the US dollar, compared with 11.66 a week earlier.

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Despite continued pressure from strong demand for foreign currency, several market watchers believe the Bank of Ghana’s interventions could help slow the cedi’s recent depreciation.

“While unmet FX demand from local corporate accounts remains substantial, sustained intervention at these higher volumes is likely to slow the local unit’s recent depreciation,” Reuters quoted Andrews Akoto, Head of Trading at Absa Bank Ghana, as saying.

As part of its intervention measures, the Bank of Ghana offered $160 million through a foreign exchange auction on Tuesday, June 2, 2026, followed by an additional $300 million auction on Wednesday.

The report mentioned Ghana among several African economies where central banks are closely monitoring currency movements amid evolving global market conditions and persistent demand for foreign exchange.

Uganda's currency may fall against the dollar in the next week to Thursday, while those of Ghana, Kenya and Nigeria could be broadly stable, and Zambia's is forecast to extend recent gains, traders said. https://t.co/fbFhwo1ihQ

— Reuters Africa (@ReutersAfrica) June 4, 2026