Ghanaian Cedi appreciates against US dollar amid economic recovery

The Ghanaian Cedi has continued its appreciation against the US dollar. As of August 15, 2026, the Cedi recorded an average buying rate of GHS 11.04 and a selling rate of GHS 11.84. On the Bank of Ghana interbank market, the currency is trading at GHS 10.94 for buying and GHS 10.96 for selling.

This recovery follows a period of significant volatility. The Cedi gained approximately 15% against the dollar in early 2026. This trend is attributed to several macroeconomic factors, including the Bank of Ghana’s aggressive tightening policy, which peaked at 30%, and increased dollar liquidity in the interbank market.

Key drivers of the currency's strength include Ghana’s gold and cocoa sectors. The central bank’s Gold Purchase Programme, which requires large miners to sell 30% of refined gold to the Bank of Ghana, has bolstered reserves. Additionally, cocoa production is projected to reach 800,000 tons for the 2025–2026 season, supported by high global prices. Fiscal discipline under a $3 billion IMF Extended Credit Facility has also contributed to a shift from a GDP deficit to a fiscal surplus.