The Ghana Cedi has experienced a period of mild depreciation over the past two weeks, weakening across major trading pairs in both the interbank and retail markets.

On the interbank market, the cedi fell by 1.64% against the US dollar to GHS 11.28, while also declining against the British pound and the euro.

Performance in the retail market was more moderate, with the unit slipping to GHS 11.83 against the dollar.

As of May 8, 2026, the cedi’s year-to-date depreciation stands at 7.8%, a sharp increase compared to the 2.5% recorded during the same period in 2025.

According to Databank Research, this downward pressure aligns with market expectations as the country awaits the conclusion of the IMF’s sixth mission review on May 15.

The current trend is attributed to sustained import demand and cautious foreign exchange supply, further influenced by concerns regarding the Bank of Ghana’s financial position.

Despite these pressures, the outlook remains stable due to strong reserve buffers and the anticipated approval of a $385 million IMF disbursement.

Analysts expect volatility to remain contained in the near term, with the cedi projected to trade within a range of GHS 10.95 to GHS 11.35 against the dollar over the next fortnight.