The Ghanaian Cedi continued its downward trend against the US dollar on Thursday, October 8. According to the Bank of Ghana's exchange rate, the Cedi bought at 11.8241 to the dollar and sold at 11.8358. This represents a slight depreciation from the previous day's rates. On Wednesday, October 7, the Cedi bought at 11.7941 and sold at 11.8059. The Cedi's performance against the dollar has been a concern for the Ghanaian economy.
In comparison to the rates on Tuesday, October 6, the Cedi's depreciation against the dollar is more evident. The Bank of Ghana's rate on Tuesday showed that the Cedi bought at 11.7591 per dollar and sold at 11.7709 per dollar. This indicates a steady decline in the Cedi's value over the past few days. The Cedi's weak performance may have implications for importers, exporters, and other businesses that rely on foreign exchange.
The Bank of Ghana's exchange rate for the Pound also showed a slight increase on Thursday. The Pound was buying at 15.6184 and sold at 15.6352. On Wednesday, the Cedi bought the Pound at 15.5420 and sold at 15.5588. The slight increase in the Pound's value against the Cedi may be attributed to the Cedi's weak performance against major international currencies.
Despite the Cedi's recent performance, Bank of Ghana Governor Dr. Johnson Pandit Asiama expressed optimism about the economy's prospects. He noted that the Cedi had recorded a significant recovery against major international currencies. Additionally, external reserves have been strengthened, and economic activity has gained momentum across sectors. These developments have contributed to creating a more stable and predictable environment for businesses and investors.
Dr. Asiama made these remarks during the launch of the Ghana Investment Promotion (GIPC) 2025 Annual Investment Report. He highlighted that growth has become increasingly broad-based, supported by improvements in services and agriculture, alongside a gradual recovery in industry. The Governor's comments suggest that the economy is on a positive trajectory, despite short-term challenges such as the Cedi's weak performance.
The Cedi's performance is closely watched by businesses, investors, and policymakers due to its impact on the broader economy. A weak Cedi can increase the cost of imports, which may lead to higher prices for consumers. On the other hand, a strong Cedi can make Ghanaian exports more competitive in the global market. The Bank of Ghana's exchange rates provide a benchmark for businesses and investors to make informed decisions.
Laud Nartey, a current affairs editor with the MG News team at Media General, reported on the Cedi's performance. He serves TV3 Ghana, 3News, Onua TV, and other platforms. The article was published on October 8, 2026, at 15:55 GMT. The Cedi's weak performance against the dollar is a significant development in Ghana's economy, and its impact will be closely monitored in the coming days.
Key points
- The Cedi bought at 11.82 to the dollar on Thursday, according to the Bank of Ghana's exchange rate.
- The Cedi's weak performance may have implications for importers, exporters, and other businesses that rely on foreign exchange.
- Bank of Ghana Governor Dr. Johnson Pandit Asiama expressed optimism about the economy's prospects, citing a significant recovery in the Cedi's value and strengthened external reserves.
