The Bank of Ghana (BoG) expects the cedi to maintain its stability due to recent positive developments in the foreign exchange market.

The central bank attributed the local currency's improved performance to its Forex Intermediation and FX Intervention programmes, which have successfully boosted the supply of US dollars and relieved pressure on the cedi.

Data from the Bank of Ghana’s latest Monetary Policy Analysis shows that the cedi achieved its first monthly appreciation of over 3% in June 2026.

The central bank anticipates that this stability will persist, backed by plans to pump approximately US$1 billion into the market via its Forex Intermediation Programme in July 2026.

According to the Bank, the demand pressures that drove the cedi's depreciation in the first quarter of the year are now subsiding, as the majority of businesses have finished their primary restocking operations.

Furthermore, the central bank noted that its strategies to control foreign currency demand are yielding positive results.

"The Bank of Ghana's FX intermediation programme helped moderate pressures on the cedi that came from frontloading of demand, particularly from the energy sector," the central bank stated, noting that the initiative will continue enhancing market liquidity and curbing speculative demand.

At present, commercial banks are retailing the US dollar at approximately GH¢11.55, whereas forex bureaux are trading it at about GH¢12.30.

To further fortify the nation's foreign exchange reserves, the Bank of Ghana is counting on higher remittance inflows and financial support from development partners. Remittance inflows are projected to rise between the second and third quarters of the year.

Additionally, reserves are expected to be strengthened by upcoming inflows of roughly US$380 million under the IMF programme, alongside an anticipated US$240 million scheduled for July 2026.

The central bank also indicated that economic stability could receive an extra boost from renewed investor confidence, following Ghana’s recent Fitch ratings upgrade and the government's early Eurobond repayment.

However, the Bank issued a warning that certain risks persist despite the optimistic projections. It noted that uncertainties linked to the fragile peace process in the Middle East have the potential to impact global crude oil prices, which could consequently drive up the demand for US dollars among Ghanaian businesses.

The central bank concluded that it will remain vigilant in monitoring market trends and will execute necessary strategies to preserve stability within the foreign exchange market.