The Bank of Ghana (BoG) expects the cedi to remain relatively stable for the rest of 2026 despite renewed demand for foreign exchange to finance imports ahead of the Christmas seas
The report indicates that the Bank of Ghana (BoG) expects the cedi to remain relatively stable for the rest of 2026 despite renewed demand for foreign exchange to finance imports ahead of the Christmas season.
It further notes that in its latest Monetary Report, the central bank stated it expects the local currency to remain stable over the medium term.
“Over the medium term, the Ghana cedi is expected to remain relatively stable,” the Bank stated.
It stated foreign exchange interventions and remittance inflows would help ease pressure on the currency.
“FX intermediation is expected to moderate the pressures on the cedi, along with remittance flows,” it added.
The outlook comes amid renewed demand for dollars from businesses seeking to finance imports ahead of the December festivities.
The Bank of Ghana believes the cedi has recovered from the pressure it faced earlier in May.
Market supply is also expected to improve in the coming months.
The central bank is expected to supply about US$500 million to the market in September through its foreign exchange intermediation programme.
The Ghana Gold Board is expected to provide additional support.
GoldBod is targeting US$1.4 billion in foreign exchange receipts in September as part of efforts to support market stability and build reserves.
Of this, US$700 million is expected to be made available to commercial banks through spot sales and funded forward arrangements.
Another US$700 million will be provided to the Bank of Ghana for reserve accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
The Bank has also assured the market that it remains prepared to intervene when necessary to ensure orderly market conditions while preserving exchange rate flexibility.
