Ghana's cedi strengthened 0.8% against the US dollar in October, as the central bank's interbank mid-rate eased to 11.62 cedis per dollar on October 30 from 11.71 on September 30, Bank of Ghana data show. The currency had weakened to 11.83 per dollar on October 7 before recovering 1.8% over the rest of the month.
Analysis: October's advance reversed only part of September's 3.9% decline, leaving the cedi 10.1% below its end-2025 level, by our calculation. The central bank held no dollar auctions for banks in October after selling $500mn in September, Joy Business reported. Oil marketers instead highlighted foreign-exchange sales by state gold buyer GoldBod, suggesting that its supply may be filling part of the gap. The extent of that substitution cannot be established from the figures alone. Importers gain from a firmer currency when paying dollar invoices, while the Bank of Ghana's November 18 policy decision may clarify its near-term foreign-exchange approach.
Source: Bank of Ghana, Bank of Ghana, Historical Interbank FX Rates table (filtered USDGHS), 30 October 2026 and 30 September 2026 and 7 October 2026; Bank of Ghana, Bank of Ghana, Summary of Economic and Financial Data, September 2026, December 2025 and August 2026; Multimedia Group, Bank of Ghana FX intermediation notice to banks (via Joy Business, October 1, 2026), September 2026; Bank of Ghana, Bank of Ghana, Daily Interbank FX Rates table, 30 October 2026