Cedi holds interbank stability but wide retail forex gap signals upward pressure

Ghana’s local currency, the cedi, has opened the week relatively stable on the interbank market, but a widening spread between official and retail foreign exchange rates is raising fresh concerns about underlying demand pressures.

Data from the Bank of Ghana shows the interbank rate for Tuesday, February 24, 2026, at a buying price of ₵10.89 and a selling price of ₵10.90 to the US dollar, compared to Monday’s opening level of ₵10.96.

However, conditions in the retail forex market tell a different story.

At forex bureaus, the dollar is trading at an average of ₵11.80, significantly above the official interbank rate.

Commercial banks are quoting around ₵11.55, positioning themselves between the central bank’s rate and bureau prices which is a clear indication of tiered access to foreign exchange liquidity.

The divergence is not limited to the dollar.

The British pound is trading at ₵14.70 on the interbank market but averages ₵16.10 at forex bureaus.

Similarly, the euro is priced at ₵12.85 officially, compared to ₵14.00 on the retail market.

Liquidity constraints

The persistent gap shows tight dollar liquidity and demand–supply mismatches, particularly among retail buyers and small businesses that rely on forex bureaus for immediate access to foreign currency.

For an import-dependent economy like Ghana, bureau rates often determine the effective cost of foreign exchange for traders.

As a result, higher retail forex prices can feed directly into the cost of imported goods, amplifying cost-push inflation pressures.

The caution here is that, a sustained spread between official and retail rates may also create uncertainty for investors seeking predictability in exchange rate management.

Market Outlook

This week, attention will focus on whether interbank rates gradually adjust upward to narrow the gap or whether improved liquidity conditions ease pressure on bureau rates.

With commercial banks currently selling the dollar at ₵11.55 above the central bank’s rate but below bureau levels, the market appears to be signalling upward pressure on the official rate.

How the Bank of Ghana manages liquidity in the coming days will be key in determining whether the cedi sustains its interbank stability or faces renewed depreciation pressures in the broader market.