Weekly Currency News Report – Week 44 [November 2 2026]

Overall Market Outlook

The Ghanaian Cedi commenced the week on a weaker footing, relinquishing some of the gains sustained over recent weeks as it depreciated against all three of its major trading partner currencies on both the Bank of Ghana (BoG) interbank foreign exchange market and the Open Forex Market (OANDA). The local currency’s renewed weakness comes ahead of the presentation of the 2027 Budget Statement to Parliament next week, an event expected to provide important policy signals regarding the government’s economic direction.

According to the government, the upcoming budget is expected to usher in the next phase of its economic agenda, with emphasis shifting from macroeconomic stabilisation towards a more productive, competitive and technology-driven economy. Against this backdrop, market participants will be particularly attentive to the government’s exchange rate policy direction and the extent to which its foreign exchange management framework will support the broader economic transformation agenda.

Notwithstanding the Cedi’s weaker opening to the month, the currency’s outlook for the remainder of the year remains cautiously optimistic, underpinned by anticipated foreign exchange inflows from the Ghana Gold Board (GoldBod). The institution has announced plans to mobilise approximately USD 1.2 billion in foreign exchange in November through its artisanal and small-scale gold trading operations. Of this amount, USD 800 million is expected to be channelled into the domestic foreign exchange market through sales to commercial banks, with the objective of easing prevailing foreign currency demand pressures.

Further support for market confidence came from the Governor of the Bank of Ghana, who, speaking at the African Virtual Assets Summit earlier in the week, reaffirmed the central bank’s commitment to maintaining exchange rate stability during the festive season. These developments could provide a degree of support for the local currency, particularly if the anticipated foreign exchange inflows materialise as projected.

Interbank Foreign Exchange Market

On the Bank of Ghana’s interbank trading platform, the Cedi depreciated by 0.09%, 0.61% and 0.28% against the US Dollar, British Pound and Euro, respectively. The local currency opened the week at GHS 11.6658, GHS 15.6520 and GHS 13.0641, compared with the previous week’s opening quotations of GHS 11.6558, GHS 15.5570 and GHS 13.0282 against the respective currencies.

The US Dollar maintained a relatively firm position against its major trading counterparts, largely shrugging off uncertainty surrounding the US midterm elections, which could potentially alter the balance of power in Congress and influence control over federal spending. Market attention subsequently shifted towards key economic indicators, particularly third-quarter GDP growth and September’s Personal Consumption Expenditures (PCE) data. The US economy recorded annualised growth of 3.4% in the third quarter, exceeding market expectations, while the PCE price index increased by 0.3% month-on-month in September. These developments provided additional support for the Greenback, reinforcing its underlying resilience amid evolving domestic political and economic considerations.

Open Forex Market

On the Open Forex Market, as tracked by OANDA, the Cedi recorded comparatively steeper losses, depreciating by 0.43%, 0.81% and 0.40% against the Dollar, Pound and Euro, respectively. The local currency commenced the week trading at GHS 11.7985, GHS 15.8206 and GHS 13.2084, against previous opening quotations of GHS 11.7482, GHS 15.6935 and GHS 13.1561, respectively.

The British Pound’s performance remained supported by developments surrounding the UK government’s inaugural budget, which, according to market analysts, struck a balance between fiscal discipline and economic policy commitments while avoiding concerns over excessive unfunded borrowing. The perceived commitment to fiscal prudence helped sustain investor confidence in Sterling, contributing to its relative strength against the Cedi during the review period.

Year-to-Date Currency Performance

The Cedi was quoted at GHC 10.5053 on the first trading day of the year against the Dollar and is currently trading at GHS 11.6658, indicating a year-to-date (YTD) depreciation of 11.05% on the BoG interbank trading platform. It is also currently quoted at GHS 11.7985 on the Open Forex Market (oanda.com), having opened the year at GHS 10.5253, indicating a YTD loss of 12.10%.