Accra: The Ghana cedi opened the first week of February 2026 trading at GHS10.96 to the US dollar on the Bank of Ghana's interbank foreign exchange market.
According to Ghana Web, data released by the central bank on Tuesday, February 3, 2026, indicated that the US dollar was quoted at a buying rate of GHS10.95 and a selling rate of GHS10.96, marking a relatively narrow spread on the official market. Other major currencies showed modest movements, with the euro trading at GHS12.93 on the buying side and GHS12.94 on the selling side, and the pound sterling quoted at GHS14.95 for buying and GHS14.97 for selling.
Despite the official interbank rates, rates at forex bureaus were significantly higher, highlighting ongoing pressure on the local currency. The US dollar was being bought at GHS11.50 and sold at GHS11.90, showing a wider margin compared to the Bank of Ghana's interbank rates. The euro traded between GHS13.30 and GHS14.20 at the bureaus, while the pound sterling ranged from GHS15.40 to GHS16.30. These elevated bureau rates suggest strong demand for foreign currency amid constrained supply, a trend often seen at the start of a new financial year as businesses ramp up import-related transactions.
The Bank of Ghana is projected to maintain its market interventions in the coming months to manage excessive volatility and stabilize the cedi. Market participants will also be closely observing upcoming monetary policy decisions and external inflows for insights on the near-term outlook of the local currency.