Ghana cedi sells at GH₵12.30 against US dollar at forex bureaus

The Ghana cedi reached a selling rate of GH₵12.30 against the US dollar at forex bureaus on October 12, 2026, continuing a period of sustained depreciation. Market data indicates that while the retail market hit this high, the Bank of Ghana’s interbank market maintained a slightly lower selling rate of GH₵11.80. The average buying rate at forex bureaus stood at GH₵12.00, reflecting the increasing cost of foreign exchange for businesses and individuals alike.

Performance against other major trading currencies also showed signs of weakness during the pricing window of October 5 to October 12. The cedi started the second week of October at GH₵15.40 against the British pound and GH₵13.10 against the euro on the interbank market. For digital transactions, the depreciation was even more pronounced, with Visa and Mastercard exchange rates for international payments reported between GH₵12.65 and GH₵12.69 per dollar.

Analysts from IC Insights have identified a decline in Ghana's external buffers as a primary cause for the currency's volatility. The firm's recent report noted that foreign exchange reserves have fallen, making it difficult for the central bank to support the cedi against rising seasonal import demand. This fiscal pressure follows a period between March and June 2026 during which the cedi lost nearly 10% of its value against the dollar. Rebuilding these reserves is now considered a key economic priority to stabilize the market.

Looking ahead, experts suggest that the government may need to intensify gold exports, including through GOLDBOD, to provide the necessary foreign exchange liquidity. Although tax revenues have shown signs of improvement, the high demand for dollars in the final quarter of 2026 is expected to maintain pressure on the local currency. Market participants are closely watching for further central bank interventions to manage the depreciation and prevent further spikes in the exchange rate as the year draws to a close.