GHANA · CURRENCY
Key Facts
- The country Ghana is a West African democracy of more than 30 million people and a top African gold producer.
- What happened The cedi gained 1.2% against the US dollar on the interbank market in two weeks, Joy Business reported on 28 October 2026.
- The rates The central bank set GH¢11.65 per dollar on Monday 26 October; bureaus opened the week at GH¢12.15.
- The support GoldBod, the state gold board, plans to supply US$1 billion to commercial banks and US$500 million to the central bank in October 2026.
- Why it matters A steadier Ghana cedi lowers the cost of imported fuel, food and machinery, and protects the value of US investors’ cedi profits.
- Still open Whether GoldBod can keep up its dollar sales through the November and December import peak.
The Ghana cedi regained 1.2% against the US dollar on the interbank market over two weeks, as the state gold board GoldBod sold dollars. It closed the fortnight at GH¢11.65 per dollar, Joy Business reported in Accra on Wednesday 28 October 2026.
For American exporters and investors, the move offers a pause after a year of weakness, not a turnaround. Households and small traders who buy dollars at forex bureaus still paid GH¢12.15 per dollar at the start of the week.
How the Cedi Moved This Fortnight
On the interbank market, where banks trade dollars with each other, the Ghana cedi gained 1.20% against the US dollar and the British pound. It closed at GH¢11.65 per dollar and GH¢15.57 per pound, Joy Business said.
The Bank of Ghana, the central bank, published a mid-rate of GH¢11.65 per dollar for Monday 26 October on its website. Modern Ghana’s daily survey listed GH¢11.66 per dollar on Tuesday 27 October, versus GH¢11.79 on 9 October in our earlier cedi story.
Why Forex Bureaus Charge More Than Banks
Forex bureaus, the small shops where households and traders buy cash dollars, held the cedi at GH¢12.10 per dollar at fortnight’s end. The week had opened at GH¢12.15 per dollar, which is about 4% above the central bank’s rate.
Joy Business said the Ghana cedi has lost about 9.0% against the dollar so far this year. Against the euro it rose 1.11% to GH¢13.50 at the bureaus, and against the pound it rose 0.32% to GH¢15.85.
What GoldBod Is Selling to Banks
GoldBod is the Ghana Gold Board, the state agency that buys and exports small-scale gold under chief executive Sammy Gyamfi. On Thursday 22 October it promised US$1.5 billion in October, with US$1 billion for banks and US$500 million for the Bank of Ghana’s reserves.
GoldBod also cited a spot sale of about US$130 million at GH¢11.60 per dollar over three weeks. GhanaWeb reported that sales run on Tuesdays and Thursdays under a framework announced on Monday 5 October.
Why the Pressure Has Not Gone Away
Dollar demand usually climbs before Christmas as importers stock up, GhanaWeb reported. Ghana’s oil import bill has also risen sharply this year on higher global prices.
GoldBod’s own gold earnings give it room to keep selling. It earned US$1.871 billion from gold trade in September, above its monthly target of US$1.4 billion, GhanaWeb reported on Wednesday 21 October.
What the Central Bank and Analysts Expect
The Bank of Ghana expects the Ghana cedi to stay relatively stable, citing the dollar sales to banks. It has said it stands ready to step in if needed.
Databank Research, a Ghanaian market research firm, sees the dollar trading between GH¢11.60 and GH¢12.10 for now. It warns that the recovery holds only if dollar inflows keep pace with seasonal demand.
What It Means for US Readers
A steadier Ghana cedi helps US firms that sell machinery, vehicles and food into Ghana, because customers pay fewer cedis per dollar of goods. It also limits losses for American funds that earn profits in Ghana.
Travelers should expect banks and bureaus to quote rates about 4% apart, so comparing the two before exchanging cash saves money. Readers can follow the wider gold story in the Rio Times report on Ghana’s small-scale gold exports.
What Is Not Known
It is not yet clear how much of the promised US$1.5 billion GoldBod has delivered so far. The totals reported differ, with GoldBod citing US$130 million while GhanaWeb added up at least US$407 million of sales by Thursday 15 October.
No official has said whether the programme will continue into November and December, when import demand peaks. The size of any future cedi gain also remains unclear, since the Bank of Ghana has not set a target rate.
More: Ghana news in English, every day from The Rio Times.
Frequently Asked Questions
How much did the Ghana cedi gain against the dollar?
On the interbank market the cedi gained 1.20% over the past two weeks, closing at GH¢11.65 per dollar. At forex bureaus it held steady at GH¢12.10 per dollar.
What is GoldBod and why does it sell dollars?
GoldBod is the Ghana Gold Board, the state agency that buys and exports small-scale gold. It sells part of the dollars it earns to banks and the central bank to support the cedi.
How many dollars does GoldBod plan to supply in October?
GoldBod plans to supply US$1.5 billion in October 2026. Of that, US$1 billion is for commercial banks and US$500 million for the Bank of Ghana’s reserves.
Why is the bureau rate higher than the bank rate?
Forex bureaus serve households and small traders who pay for cash and convenience. Their rate of GH¢12.15 per dollar at the start of the week was about 4% above the central bank’s rate.
Will the Ghana cedi keep gaining until Christmas?
The Bank of Ghana expects the cedi to stay relatively stable, and Databank Research sees a range of GH¢11.60 to GH¢12.10 per dollar. Both say the outlook depends on dollar inflows matching the seasonal rise in demand.
Sources: MyJoyOnline, GoldBod’s intervention in forex market gives cedi modest reprieve, 28 October 2026; Bank of Ghana, daily interbank FX rates, 26 October 2026; MyJoyOnline, GoldBod plans US$1.5bn forex injection in October to support cedi, 22 October 2026; GhanaWeb, GoldBod dollar boost expected to make cedi stable in coming weeks, 21 October 2026; Modern Ghana, daily cedi rates survey for 27 October, 27 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief