The Ghana cedi has staged a strong recovery against the US dollar, recording four consecutive days of gains between Tuesday, August 11 and Friday, August 14, 2026.

Data from JOYBUSINESS on the foreign exchange market shows a significant improvement in the local currency's value.

Some commercial banks were quoting the dollar at about GH¢11.30 on indicative rates, while Bloomberg showed about GH¢10.96. The Bank of Ghana was quoting the dollar at GH¢10.98.

The latest rates represent a sharp improvement from earlier this month, when some commercial banks were selling the dollar for more than GH¢12.

The recovery follows sustained pressure on the cedi from last month into early August.

Reasons for the recovery

JOYBUSINESS understands that the recent gains have been supported by improved Bank of Ghana interventions, inflows from the extractive sector and offshore investors seeking to purchase local bonds.

Market players have also pointed to easing demand for dollars from businesses.

For instance, on Tuesday, August 11, the Bank of Ghana offered US$125 million to commercial banks through an auction. However, bids received totalled only US$85 million.

A similar trend was recorded on Thursday, August 13. The central bank offered another US$125 million, but commercial banks bid for only US$94 million.

The development suggests that demand for foreign exchange may be easing.

It remains unclear whether recent regulatory measures affecting the dollar holdings of commercial banks have also contributed to the improved market conditions.

Outlook

Some banks engaged by JOYBUSINESS expect the cedi’s recent gains to continue in the coming weeks.

They cite improved foreign exchange inflows and easing demand from businesses as key factors.

Donor inflows have also supported the market, with additional inflows expected in the coming weeks. These could further strengthen Ghana’s reserves.

The Bank of Ghana has told JOYBUSINESS that the recent recovery is in line with its Exchange Rate Management Framework.

Sources close to the central bank also expect the cedi to strengthen further this week.

The Bank of Ghana has assured businesses that there is no need to panic whenever the cedi comes under temporary pressure. It has pointed to the country’s strong reserve position as evidence of its ability to intervene and support the foreign exchange market.

Ghana’s reserves stood at US$12.9 billion at the end of June.

BoG market support tops US$8 billion

Recent market data and JOYBUSINESS calculations show that the Bank of Ghana has sold more than US$8 billion into the foreign exchange market between January and July 2026 to improve liquidity, meet demand and support the cedi.

The central bank sold about US$7.45 billion through its FX Intermediation Programme between January and July.

It also deployed about US$811 million through its FX Intervention Programme between January and June.

This brings total market support to more than US$8.2 billion so far this year.

The figure could approach US$9.2 billion by the end of August if the Bank proceeds with plans to sell up to US$1 billion through its FX Intermediation Programme this month.