Cedi Trades at GH¢11.70 to Dollar as BoG highlights improving Forex conditions

According to the central bank’s exchange rate bulletin issued on Monday, August 3, 2026, the British pound was quoted at GH¢15.7327 for buying and GH¢15.7496 for selling.

The updated rates come as the Bank of Ghana maintains that the local currency has stabilised after experiencing periods of pressure in the foreign exchange market earlier this year.

Speaking during the 131st Monetary Policy Committee (MPC) press briefing in Accra on July 22, 2026, BoG Governor Dr. Johnson Asiama said the cedi came under significant demand pressure in May but has since regained some stability in the interbank market.

He noted that despite the recovery, the local currency had recorded a cumulative depreciation of 9.5 percent against the US dollar as of July 17, 2026.

Dr. Asiama also highlighted improvements in lending conditions, stating that average lending rates in the banking sector had fallen significantly from 27.0 percent to 15.6 percent, making borrowing more affordable for businesses and households.

He said the lower cost of credit has contributed to stronger lending activity, with private sector credit growing by 41.2 percent in June 2026 compared with 8.6 percent during the same period last year.

The BoG Governor further indicated that Ghana’s banking sector remains stable, pointing to sustained growth in assets, stronger capital positions and improved loan quality as signs of resilience.

On the fiscal front, he explained that government maintained tight control over expenditure during the first quarter of the year, helping to achieve stronger-than-expected fiscal outcomes despite revenue shortfalls.

Dr. Asiama also said Ghana’s external sector remained resilient in the first half of 2026, supported by strong export earnings even as the country’s import bill increased because of higher global energy prices linked to tensions in the Middle East.

The Bank of Ghana says it will continue to closely monitor developments in the foreign exchange market and implement measures aimed at preserving macroeconomic stability and supporting the performance of the cedi.