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Ghana’s currency, the cedi, has shown relative stability in recent weeks, recording modest gains and marginal pullbacks against major trading currencies, reflecting what authorities describe as improving macroeconomic fundamentals.
On the interbank market, the cedi traded within a narrow band of GH¢10.90 to GH¢10.96 to the US dollar as of Tuesday, February 3, 2026.
Speaking on the currency’s performance, the Governor of the Bank of Ghana, Dr Johnson Asiama, said the exchange rate stability is the result of a mix of deliberate policy actions and more favourable market conditions.
According to him, tight monetary policy, alongside fiscal discipline under Ghana’s IMF-supported programme, has helped restore investor confidence and rebuild trust in the country’s financial markets.
Dr Asiama also pointed to a stronger external position, supported by higher reserve buffers. He explained that reserves have been bolstered by the domestic gold purchase programme, improved export earnings, and softer import demand, factors that have collectively cushioned the cedi against sharp swings.
In addition, he said anchored inflation expectations and a more stable macroeconomic environment have played a critical role in dampening volatility and ensuring more orderly exchange rate movements.
“Taken together, these factors explain why the cedi has remained resilient,” the governor said.
While acknowledging that some pressures persist, Dr Asiama described them as temporary and being managed in a controlled manner. He added that the stronger currency has helped contain imported inflation, but cautioned that continued vigilance is necessary to ensure exchange rate developments remain supportive of broader macroeconomic stability.
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