The Ghana cedi is expected to remain relatively stable in the medium term, supported by recent foreign exchange interventions by the Bank of Ghana and improving macroeconomic conditions, according to PricewaterhouseCoopers (PwC) Ghana.
Country Senior Partner of PwC Ghana, Vish Ashiagbor, said although the cedi has come under some pressure recently, measures by the Central Bank to improve dollar liquidity have helped stabilize the currency and strengthened confidence in its outlook.
Speaking on the sidelines of the launch of the PwC Ghana 2026 Banking Survey in Accra, Mr. Ashiagbor noted that the Bank of Ghana’s interventions have played a key role in managing volatility in the foreign exchange market.
The Central Bank injected US$2.01 billion into the forex market in June 2026 to meet rising demand and support the cedi’s stability. The intervention included US$1.2 billion supplied through the Forex Intermediation Programme and an additional US$811 million through the Bank’s FX Intervention Programme.
Mr. Ashiagbor said the cedi is expected to continue trading within its current range, with limited risk of major appreciation or depreciation in the medium term.
“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,” he said.
Policy Rate Outlook
Mr. Ashiagbor also expects the Bank of Ghana to maintain its current monetary policy stance at the next Monetary Policy Committee (MPC) meeting, as it continues to assess inflation risks and the broader economic outlook.
According to him, the inflation risks highlighted by the Central Bank have already been factored into its previous decision to keep the policy rate unchanged.
“If you listen to the governor’s remarks from previous MPC meetings, he has always indicated that the risk was there, but he also indicated that those risks were taken into consideration in the decision to hold the rate at the last meeting. So, we would not be surprised if the rate continues to hold, because the risk of inflation increases had already been factored into that decision,” Mr. Ashiagbor said.
The outlook comes as Ghana continues to record improvements in key economic indicators, including exchange rate stability, declining inflation, and stronger investor confidence.
PwC’s 2026 Ghana Banking Survey highlights the changing operating environment for banks, warning that financial institutions must adapt their business models as interest rates decline and traditional sources of income come under pressure.
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