By: Business Desk for GhanaianNewsCanada 27/1/2026
The Ghana cedi recorded a mixed performance in currency markets over the past fortnight, with recent data signaling potential stability after a period of volatility. According to foreign exchange market indicators for the two-week review period, the cedi weakened slightly on the interbank market but gained ground in the retail foreign exchange segment.
On the interbank forex market, the US dollar traded at a mid-rate of GH¢10.88, up from GH¢10.70 in the previous valuation period — reflecting modest cedi depreciation in that space. Meanwhile, the British pound and euro both eased against the local currency, with the pound closing around GH¢14.78 and the euro at roughly GH¢12.80.
However, the retail market told a slightly different story, where the US dollar showed some strength against the cedi. At various forex bureaus across the country, the greenback firmed to around GH¢12.00, compared to about GH¢12.15 in the previous fortnight. In the same market segment, the pound and euro also strengthened modestly — closing at approximately GH¢15.80 and GH¢13.75, respectively.
Analysts say the recent divergences reflect renewed demand pressures and supply dynamics that differ between institutional and retail segments of the forex market. According to a report by Databank Research, the cedi’s slight loss on the interbank market was driven by foreign exchange demand outstripping supply, while subdued demand in the retail market likely helped the currency hold firmer pricing at local bureau counters.
Databank’s outlook suggests a possible strengthening of the cedi in the coming weeks, as anticipated injections of foreign exchange liquidity could help ease bearish sentiment. On the global front, analysts also point to shifts in international capital flows and a weaker dollar trend influenced in part by expectations around U.S. monetary policy as factors that may benefit the cedi’s performance.
For the current trading week, the cedi started at about GH¢12.00 against one U.S. dollar at retail forex bureaus, while its year-to-date performance shows a modest 1.88% appreciation against the dollar overall.
Economists and forex watchers will be closely monitoring future market developments especially supply conditions and foreign exchange inflows to gauge whether the recent stabilizing signals will translate into more sustained gains for the local currency.
Black Market (Parallel Market) Perspective
Meanwhile, activity on the black market, also known as the parallel forex market, shows the cedi trading slightly firmer against the US dollar compared to recent weeks. As of the latest checks, the US dollar is selling at approximately GH¢11.50 to GH¢11.60 on the street market, depending on location and demand.
Market watchers note that the narrowing gap between the official retail forex bureau rate of about GH¢12.00 and the black-market rate suggests improving confidence in the local currency. Analysts say such convergence often reflects increased foreign exchange availability and reduced speculative pressure in the informal market.
However, they caution that black market rates are highly volatile and can change rapidly within the day, influenced by demand from importers, travelers and small businesses seeking quick access to foreign currency.
Outlook
Overall, the cedi’s mixed performance across the interbank, retail and parallel markets points to a period of gradual stabilization, with expectations that improved forex inflows and prudent monetary management could support a more sustained recovery in the weeks ahead.
