The Ghana cedi has dropped beyond the GH¢11 mark against the US dollar on the interbank market, with analysts describing the move as a natural correction rather than a sudden market shock.
Data from the Bank of Ghana on Thursday pegged the dollar at GH¢11.0445 for buying and GH¢11.0555 for selling. The British pound traded at GH¢14.8780 (buying) and GH¢14.8940 (selling), while the euro was quoted at GH¢12.8192 (buying) and GH¢12.8308 (selling).
Currency analyst Courage Boti told Citi Business News that the development was not unexpected. “Given the pace at which the cedi appreciated earlier, it was expected to retrace. Those affected by the movement will want to test the market’s resolve. This is natural,” he explained.
The depreciation has been linked to sustained forex demand, weak inflows, and broader global economic challenges. Import-dependent businesses, particularly traders, are expected to feel the pinch as higher exchange rates drive up the cost of fuel, food, and other essentials.
Despite these pressures, the Ghana Union of Traders Association (GUTA) has urged its members and the general public to remain calm. “If we are able to sustain levels around GH¢10.50 to GH¢10.60, then a move to GH¢11 should not cause alarm. Sometimes, it is negative speculation that worsens the depreciation,” GUTA President Joseph Obeng said.
The Bank of Ghana is expected to keep a close watch on the currency’s trajectory as it works to balance exchange rate stability with the fight against inflation.
