Ghana Cedi Strengthens Against Dollar, Pound and Euro as BoG Governor Promises a "Good Christmas"

The Ghana cedi appreciated against all three major foreign currencies in the latest Bank of Ghana interbank rates published Monday, offering relief to importers and businesses as the central bank governor moved to reassure Ghanaians of exchange-rate stability through the festive season.

The euro recorded the sharpest decline, with its selling rate falling by GH¢0.0403, while the US dollar's buying and selling rates each dropped by GH¢0.0315. The pound sterling posted a more modest reduction .

Latest Interbank Rates (as of close of business Friday, October 30)

The US dollar buying rate fell from GH¢11.6457 to GH¢11.6142, a decline of GH¢0.0315, while the selling rate dropped from GH¢11.6573 to GH¢11.6258 over the same period.

The pound sterling's buying rate moved from GH¢15.5656 to GH¢15.5549, down GH¢0.0107, with the selling rate falling from GH¢15.5823 to GH¢15.5704, a reduction of GH¢0.0119.

The euro saw the largest movement, with its buying rate decreasing from GH¢12.9952 to GH¢12.9559, down GH¢0.0393. The selling rate fell from GH¢13.0081 to GH¢12.9678, a drop of GH¢0.0403 .

The figures indicate that commercial banks were quoting fewer cedis for each unit of the three foreign currencies in the latest update. The Bank of Ghana notes that these rates represent average interbank figures used by commercial banks and serve as reference rates, which may differ from those offered by individual banks and forex bureaux .

Governor's Assurance

The cedi's appreciation came as Bank of Ghana Governor Dr Johnson Asiama expressed confidence in the currency's performance for the remainder of the year. Speaking at the African Virtual Assets Summit (AVAS) 2026 on Monday, November 2, Dr Asiama said: "What I can promise is a good Christmas as far as the exchange rate is concerned. We will have a good Christmas" .

His assurance comes amid concerns about currency movements and their effects on import costs, business expenses and consumer prices. The governor did not, however, provide a specific exchange rate target for Christmas or outline new measures to support his projection .

Background: GoldBod Support and Inflation Trends

The cedi's recent recovery has been attributed in part to increased foreign exchange supply from the Ghana Gold Board (GoldBod), which has stepped up dollar sales to commercial banks under a revised intermediation framework. GoldBod has been conducting dollar sales through its GoFX platform, with the aim of supplying about US$1 billion to commercial banks to ease liquidity pressures .

The currency's stability is also unfolding against a backdrop of relatively contained inflation. Ghana's year-on-year inflation stood at 5.2 percent in September 2026, up marginally from 5.0 percent in August but significantly lower than the 9.4 percent recorded a year earlier . Lower inflation, combined with a stronger cedi, could help moderate imported price pressures in the coming months.

What It Means

A stronger cedi reduces the cost of imported goods and services, eases pressure on businesses that rely on foreign currency for payments, and potentially helps moderate imported inflation. However, the extent of these benefits will depend on whether the appreciation is sustained—a factor that hinges on continued forex liquidity support and the absence of external shocks that could reverse the recent gains.