GUTA Hails Cedi Stability as Exchange Rate Gap Narrows; Businesses Report Renewed Confidence
The Ghana Union of Traders’ Associations (GUTA) has described the recent performance of the cedi as encouraging, noting that the currency’s stability has eased uncertainty for businesses despite some pressure recorded during the second quarter of the year.
President of the Association, Clement Boateng, said the cedi has staged a strong rebound and remains relatively stable against major foreign currencies.
“I would say the cedi has rebounded and is performing well. We even hope for further improvements, but I think the situation we find ourselves in currently is not all that bad,” he said during Channel One TV’s second Quarterly Economic Outlook.
According to him, the gap between the Bank of Ghana’s interbank rate and the retail forex market has narrowed significantly, giving importers and traders greater certainty.
“If you look at the Bank of Ghana rate, it’s about GH¢11.30 thereabouts, and then on the retail foreign exchange market it’s around GH¢12.10 to GH¢12.15. I think that is not all that bad,” Boateng stated.
Macro indicators strengthen
Ghana continues to record improvements in key macroeconomic indicators, including lower inflation, easing interest rates and stronger external reserves — developments that have boosted confidence in the economy.
In June 2026, the Bank of Ghana injected US$2.01 billion into the market to support the cedi and meet rising demand for foreign exchange. The intervention included US$1.2 billion under the Forex Intermediation Programme and US$811 million through the Bank’s FX Intervention Programme.
The cedi has since stabilised at about GH¢11 to the dollar on the interbank market and around GH¢12 on the retail market after experiencing depreciation during the second quarter.
Seasonal demand, profit repatriation cited
Economic analysts attribute the temporary pressure on the currency to seasonal foreign exchange demand rather than weakening fundamentals. Increased demand for dollars by multinational companies repatriating profits also contributed to the strain.