Ghanaian cedi weakens ahead of IMF review
The Ghanaian cedi has recorded a mild depreciation against major foreign currencies over the past two weeks as markets await the outcome of Ghana’s final review under the International Monetary Fund programme.
On the interbank market, the cedi weakened by 1.64 percent against the US dollar to trade at GHS 11.28, while also posting losses against the British pound and the euro.
The local currency’s performance on the retail market was relatively moderate, slipping to GHS 11.83 against the dollar.
Latest figures show the cedi’s year-to-date depreciation has risen to 7.8 percent as of May 8, 2026, compared to 2.5 percent during the same period in 2025.
According to Databank Research, the recent depreciation aligns with market expectations ahead of the conclusion of the IMF’s sixth mission review scheduled for May 15.
Analysts attributed the pressure on the cedi to sustained import demand, cautious foreign exchange supply and growing concerns over the financial position of the Bank of Ghana.
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Despite the downward pressure, analysts maintain that the overall outlook for the local currency remains stable, supported by strong reserve buffers and expectations of approval for a $385 million IMF disbursement.
Databank Research expects exchange rate volatility to remain largely contained in the short term, projecting the cedi to trade between GHS 10.95 and GHS 11.35 against the dollar over the next two weeks.
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