The pressure on the Ghana cedi is expected to persist in June 2026 as elevated energy prices continue to drive foreign exchange demand.
According to IC Insights, a leading economic research firm, the rapid pace of depreciation, however, leaves room for late year correction.
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The local currency weakened 4.6% in May 2026 as corporate and portfolio-driven forex demand far exceeded the Bank of Ghana’s supply.
Auction demand reached nearly four times available liquidity.
IC Insights said the surging foreign exchange demand deepens pressure on the cedi.
The cedi endured intensified depreciation in May 2026, losing 4.6% against the US dollar as a surge in forex demand from corporates and portfolio calls outweighed supply, including the BoG’s weekly support.
Total foreign exchange demand at the weekly BoG FX auction was US$3.83 billion, nearly 3.8 times the BoG supply, with the unmet demand exerting pressure on the local currency.
We foresee continued pressure on the cedi as elevated energy prices sustains FX demand. The rapid pace of depreciation, however, leaves room for late-year correction”, said IC Insights.
Meanwhile, the cedis is going for GH¢12.30 to one US dollar in the retail market. In the interbank market, it is trading at about GH¢11.74.
