Cedi Takes Fresh Hit as Dollar Hits GH¢12.30; FX Demand Nearly 4× BoG Supply

The Ghana cedi is bracing for another turbulent month as intense foreign exchange demand continues to batter the local currency, pushing the dollar to GH¢12.30 at forex bureaus in early June 2026.

Economic research firm IC Insights warns that the pressure is far from over, citing elevated global energy prices and overwhelming corporate demand for dollars. The cedi weakened 4.6% in May alone, marking one of its steepest monthly depreciations in recent times.

According to data from the Bank of Ghana’s weekly FX auction, total foreign exchange demand hit a staggering US$3.83 billion — nearly 3.8 times the central bank’s available supply. The massive unmet demand has intensified pressure on the currency, widening the gap between interbank and retail market rates.

On the interbank market, the cedi is trading around GH¢11.74, but retail rates have surged past GH¢12.30, reflecting the strain on market liquidity.

IC Insights notes that while the current pace of depreciation is alarming, it may create room for a late‑year correction if external conditions stabilise and FX inflows improve.

“Elevated energy prices are sustaining FX demand, and this will keep the cedi under pressure,” the firm said, adding that the mismatch between demand and supply remains the biggest threat to short‑term stability.

The cedi’s continued slide is expected to influence inflation, import costs, and government borrowing, with analysts calling for tighter fiscal discipline and stronger FX management to cushion the economy.