The Ghana cedi’s depreciation against the US dollar has widened to 9.5% in the first nine months of 2026, marking a reversal of the currency’s strong performance recorded in the previous year.
Latest Bank of Ghana data show the cedi trading at about GH¢11.55 to US$1 in September 2026, compared with GH¢10.45 at the end of December 2025.
The currency has also weakened against other major international currencies, recording year-to-date depreciations of 9.0% against the British pound and 7.3% against the euro.
The latest movement follows a period of relative improvement in August, when the cedi’s year-to-date depreciation against the US dollar narrowed to about 7.1%.
The currency had strengthened to around GH¢10.95 to US$1 earlier in August before renewed pressure pushed the exchange rate higher.
Reversal of 2025 gains
The latest depreciation represents a reversal of the cedi’s performance in 2025, when the currency recorded substantial gains against the US dollar.
Bank of Ghana data show the cedi ended 2025 at approximately GH¢10.45 to US$1, compared with about GH¢15.30 at the beginning of the year.
The World Bank has identified increased foreign-exchange demand from the energy sector and dividend payments by some private corporations among factors contributing to pressure on the currency.
At the same time, Ghana has continued to record strong export earnings and improvements in its external balances, suggesting that increased foreign-exchange supply has not completely eliminated pressures arising from demand.
Bank of Ghana maintains flexible exchange-rate regime
The Bank of Ghana has framed recent exchange-rate movements within the country’s flexible, market-determined exchange-rate regime.
In September, the central bank introduced a new Foreign Exchange Operations Framework aimed at clarifying the objectives and principles guiding its foreign-exchange interventions while maintaining its inflation-targeting mandate.
The renewed weakness of the cedi comes as the Bank of Ghana continues to manage competing pressures in the foreign-exchange market, including demand from businesses and other market participants.
The September figures point to a more challenging currency environment following the gains recorded in 2025, even as other macroeconomic indicators continue to show signs of stabilisation.
