Traders Expect Ghana Cedi to Weaken While Other African Currencies Hold Steady

Traders are forecasting a week of divergent movements for major currencies across Africa as commercial activities ramp up following the end of the festive season. While several nations are expected to see their currencies hold steady, the US Dollar / Ghanaian Cedi USDGHSpair is projected to see the local currency weaken further in the coming week. In Ghana GH, the Ghanaian Cediwas trading at 10.80 to the dollar on January 15, 2026, marking a decline from the 10.70 rate recorded one week earlier. This pressure comes as companies across the country resume full operations, driving a renewed surge in dollar demand.

The anticipated weakness in Ghanais linked to a significant structural imbalance between the supply of foreign exchange and market demand. At the central bank auction held on Tuesday, January 14, 2026, Ghana's central bank sold $125 million, which fell far short of the total bids received, amounting to $424 million. This discrepancy has created a backlog of $299 million in unfilled demand. According to Andrews Akoto andrews akotoof Absa Bank Ghana, high corporate dollar demand is primarily originating from the energy sector and the construction sector. Market participants like Andrews Akotoexpect this supply constraint to continue weighing on the Ghanaian Cediin the immediate future.