Databank Research projects the cedi could strengthen toward GH¢11.41 to the dollar over the next fortnight on a planned US$1.2 billion November forex supply.

Published 11 Nov 2026, 08:44 GMT

2 min read

Ghana cedi banknotes — Cedi banknotes now in circulation (file photo)

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The Ghana cedi has firmed against the US dollar in the past two weeks, helped by foreign exchange supply from Ghana Gold Board (GoldBod) spot auctions, trading between GH¢12.08 and GH¢12.15 in the retail market.

In a market update, Databank Research reported that the local currency posted modest gains on the interbank market while holding largely steady across retail counters.

The currency gained 0.09 per cent against the dollar on the interbank market, where it traded at GH¢11.64, according to the research firm's figures.

It also gained 0.14 per cent against the pound sterling to trade at GH¢15.55 and rose 0.50 per cent against the euro to GH¢12.98.

In the retail market, the cedi was unchanged over the two-week review period at GH¢12.08 to the dollar and GH¢13.60 to the euro, before opening the new week at GH¢12.15 to the dollar at forex bureaus.

Against the pound sterling, however, the retail rate weakened by 0.63 per cent to GH¢16.00.

The firm's data show the cedi's year-to-date depreciation narrowing to 10.07 per cent at the end of October 2026, a month-on-month improvement of 0.69 percentage points from the 10.76 per cent recorded at the end of September.

"We believe October's US$1.011 billion intermediation, offered at a uniform market-clearing rate, significantly anchored demand expectations and guided market pricing," Databank Research said.

"Looking ahead, our forecast points to a modest appreciation toward GH¢11.41 to a dollar by the end of the next fortnight, despite impending seasonal import demand pressures," the analysts stated.

"With US$800 million earmarked for commercial bank auctions from a US$1.2 billion November 2026 gross intermediation, we expect sustained dollar liquidity to support near-term exchange rate stability."

Araba IncoomAraba Incoom writes on multiple topics with a vast knowledge across different sector. You can almost call me an AI, after all, my initials are Araba Incoom.

Cedi firms on GoldBod forex auctions, trades around GH¢12.08–12.15 at bureaus

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