Ghana cedi crosses GH¢11 mark against US dollar amid market corrections

The Ghana cedi has slipped past the GH¢11 mark against the US dollar on the interbank market, with analysts describing the development as a natural correction rather than a market shock.

Data from the Bank of Ghana on Thursday indicated the dollar trading at GH¢11.0445 (buying) and GH¢11.0555 (selling). The British pound was quoted at GH¢14.8780 (buying) and GH¢14.8940 (selling), while the euro stood at GH¢12.8192 (buying) and GH¢12.8308 (selling).

Currency analyst Courage Boti told the media that the cedi’s earlier sharp appreciation made a retracement inevitable. “Those affected by the movement will want to test the market’s resolve. This is natural,” he explained. The depreciation has largely been attributed to sustained foreign exchange demand, weak inflows, and global economic headwinds.

Traders and import-reliant businesses are expected to feel the biggest impact as the exchange rate could drive up fuel, food, and essential goods prices. However, the Ghana Union of Traders Association (GUTA) has urged calm, with its president Joseph Obeng noting that sustaining levels around GH¢10.50–10.60 would mean that the current GH¢11 mark is not alarming. The Central Bank is expected to monitor the situation closely as it works to balance exchange rate stability and inflation control.