Ghana’s cedi is expected to remain relatively stable over the medium term as improved foreign exchange liquidity and stronger macroeconomic conditions help reduce pressure on the local currency, according to PwC Ghana.
Speaking on the sidelines of the launch of the PwC Ghana 2026 Banking Survey in Accra, PwC Ghana Country Senior Partner, Vish Ashiagbor, said recent interventions by the Bank of Ghana have helped stabilise the foreign exchange market despite renewed demand for dollars.
He noted that while the cedi has experienced some pressure in recent months, the central bank’s injection of foreign currency into the market has prevented significant volatility.
“On the cedi, we have seen some pressure recently, but we have also seen the Bank of Ghana inject some dollars into the market to stabilise the currency. From a medium-term perspective, we continue to believe that the cedi will operate within the current band. We do not expect to see any major appreciation or depreciation in either direction,” Mr. Ashiagbor said.
The Bank of Ghana supplied US$2.01 billion to the foreign exchange market in June 2026 to meet rising demand and support the cedi. The amount comprised US$1.20 billion under the Forex Intermediation Programme and US$811 million through its FX Intervention Programme.
PwC believes these interventions, coupled with improving economic fundamentals, are helping restore confidence in the currency.
According to the firm, the cedi is expected to depreciate gradually to between GH¢11.50 and GH¢13.00 to the US dollar by the end of the year, indicating a controlled adjustment rather than a sharp fall or significant appreciation.
The outlook comes as Ghana records improving macroeconomic indicators, including lower inflation, stronger investor confidence and relatively stable exchange rate conditions.
PwC also expects inflation to remain within the Bank of Ghana’s medium-term target range, supporting the central bank’s cautious monetary policy approach.
Mr. Ashiagbor said it would not be surprising if the Bank of Ghana leaves its policy rate unchanged at its next Monetary Policy Committee meeting later this month, noting that the central bank has already taken existing inflation risks into account in its recent policy decisions.
A stable cedi is expected to provide some relief for businesses by making it easier to plan import costs, manage export earnings and reduce foreign exchange risk. It could also help ease inflationary pressures on imported goods, fuel and other products influenced by exchange rate movements.
For the banking sector, PwC said exchange rate stability should reduce risks associated with foreign currency loans, trade finance and import-related transactions.
However, the firm cautioned that banks will have to adjust to a changing operating environment as interest rates decline. It said financial institutions should gradually shift their focus from relying heavily on interest income towards expanding digital banking, payment services, trade finance and other fee-based revenue streams.
While the overall outlook remains positive, PwC noted that maintaining cedi stability will depend on the Bank of Ghana’s ability to sustain adequate dollar liquidity, keep inflation under control, strengthen export earnings and preserve investor confidence.
The firm warned that the currency could still face pressure if demand for foreign exchange rises sharply, global economic conditions deteriorate or market confidence weakens.
Overall, PwC expects the cedi to remain broadly stable in the months ahead, offering greater certainty for businesses, investors and households while Ghana continues its economic recovery.
