The Ghana cedi experienced modest losses in the interbank market while remaining broadly stable across the retail segment during the last two weeks.In the interbank market, it depreciated by 0.47% against the US dollar, 1.36% against the pound sterling and 1.58% against the euro. It closed at mid-rates of GH¢11.69 to a US dollar, GH¢15.74 to the pound and GH¢13.46 to the euro.The retail market activity was subdued, with the cedi easing marginally by 0.21% against the US dollar to GH¢12.13 to one American greenback, while the pound and euro traded largely unchanged at GH¢16.05 to the pound and GH¢13.70 to the euro.On a month-on-month basis, the cedi fell 2.91% against the US dollar in July 2026, reversing June’s 3.35% appreciation despite the Bank of Ghana providing an estimated US$1.0 billion in forex support during the month, down from US$1.2 billionn in June 2026.Databank Research this is broadly in line with its earlier projection where the dollar remained at range-bound, trading between GH¢11.60 and GH¢11.70 over the review period.“Over the next fortnight, the Bank of Ghana’s US$1.0 billion August FX [foreign exchange] intermediation, alongside the recent US$371 million IMF ECF disbursement, should provide a useful liquidity buffer and anchor market expectations. However, we still expect underlying pressure from commercial demand and energy-related imports to keep the cedi on a mild weakening path”, it added.As a result, it said it foresees volatility staying contained, with upside in US dollar/Ghana cedi likely capped near GH¢11.85 and downside supported around GH¢11.40/US dollar.Meanwhile, the cedi began the week going for GH¢12.15 against one US dollar.Its year-to-date gain stood at 0.41%.