The Ghana cedi September 2026 outlook points to a trading range of GH¢10.95 to GH¢11.76 against the US dollar as seasonal import demand begins to build and the Bank of Ghana prepares to increase foreign exchange support.
The projection follows a relatively stable August in which the local currency remained broadly anchored around GH¢11 to the dollar despite giving up part of its mid-month gains.
The cedi strengthened to about GH¢10.95 to the dollar during the second week of August before easing towards the end of the month.
By the final trading day, its year-to-date depreciation had narrowed to an average 6.89%, compared with 10.04% at the end of July.
Interbank Market Records Correction
Over the two-week review period, the cedi weakened by 2.67% against the US dollar, 2.55% against the pound sterling and 2.72% against the euro on the interbank market.
It closed at GH¢11.25 to the dollar, GH¢15.23 to the pound and GH¢13.04 to the euro.
The retail market produced a different picture.
The cedi appreciated 4.33% against the dollar to GH¢11.55 and gained 0.47% against the pound to GH¢15.88. It weakened marginally against the euro, closing at GH¢13.68.
The difference between retail and interbank performance reflects varying demand conditions across segments of the foreign exchange market.
BoG Intervention Supports Stability
Analysts attributed much of August’s relative stability to sustained intervention by the Bank of Ghana.
The central bank is estimated to have supplied about US$912 million to the foreign exchange market during the month, equivalent to 91.2% of its planned US$1 billion intermediation.
That support helped ease demand pressures, limit speculative activity and contain further depreciation.
Databank analysts expect the Bank of Ghana to modestly increase its foreign exchange support beyond US$1 billion in September as importers begin positioning for the festive season.
The strength of that intervention could determine where the cedi settles within the projected range.
If dollar supply remains firm, the currency could stay closer to GH¢10.95. Stronger seasonal demand, however, could push it towards the upper end near GH¢11.76.
READ ALSO: Ghana Stock Exchange Turnover Hits GH¢5.14m as MTN, Kasapreko and CAL Dominate
