Ghana's cedi slides as Uganda's shilling firms

Ghana's cedi is expected to weaken against the U.S. dollar over the next week, while Uganda's shilling is forecast to strengthen and the currencies of Zambia, Nigeria and Kenya are expected to remain broadly stable, according to traders cited in the Reuters Africa FX weekly report published August 20, 2026.

The report, carried by CNBC Africa, points to renewed pressure on Ghana's currency as corporate demand for foreign currency continues to outpace available supply, even as other major African currencies hold steady.

Contents

01

Ghana's cedi under renewed pressure

02

Uganda's shilling firms on month-end inflows

03

Zambia, Nigeria and Kenya broadly stable

Ghana's cedi under renewed pressure

LSEG data showed the cedi trading at 11.00 to the dollar, compared with 10.90 a week earlier. Ronald Mensah, a trader at Stanbic Bank Ghana, said renewed dollar demand from both local corporates and offshore players put the cedi under pressure, and that dollar liquidity is expected to stay thin with the central bank's spot auctions still the main source of supply.

Another trader said the results of the latest central bank FX auction, where bids reached $399 million against an allocation of only $125 million, suggested a build-up of dollar demand. The gap highlights significant unmet demand for the U.S. currency in the Ghanaian market.

Uganda's shilling firms on month-end inflows

Uganda's shilling was seen trading with a firming tone, helped by month-end hard-currency inflows from charities and commodity exporters. Commercial banks quoted the shilling at 3,715/3,725 to the dollar, compared with last Thursday's close of 3,705/3,715.

Zambia, Nigeria and Kenya broadly stable

Zambia's kwacha is likely to stay around its current levels, supported by strong copper prices. The currency has reacted little to last week's general election, which handed President Hakainde Hichilema a second term in office, though the opposition leader says he will challenge the result. On Thursday commercial banks quoted the kwacha at 18.99 per dollar, from 18.98 at the close of business on the Wednesday before the election.

Nigeria's naira was quoted at 1,345 to the dollar on the official market on Thursday, compared with 1,358 a week earlier, and at 1,410 in street trading. One trader said they expected exchange rates to trade between 1,348 and 1,360 naira levels next week.

Kenya's shilling is expected to continue its long-running trend of holding steady. Commercial banks quoted the shilling at 129.30/50 to the dollar, compared with last Thursday's close of 129.15/35.

The Reuters report was authored by Christian Akorlie, Elias Biryabarema, Chris Mfula, Chijioke Ohuocha and Vincent Mumo Nzilani, and edited by Alexander Winning.