The Ghana cedi depreciated by 7.9 per cent against the US dollar during the first half of 2026, according to the Bank of Ghana’s latest Monetary Policy Report.
The cedi also lost 6.5 per cent against the British pound and 5.3 per cent against the euro on a year-to-date basis as of June 2026.
The Bank of Ghana attributed the decline to renewed pressure on the domestic foreign exchange market, despite a weaker US dollar globally.
The depreciation contrasts sharply with the first half of 2025, when the cedi appreciated by 42.6 per cent against the dollar, 30.3 per cent against the pound and 25.6 per cent against the euro.
The central bank said the cedi came under significant pressure in May but later recovered, limiting its overall losses.
Despite the depreciation, the Bank of Ghana said the currency recorded lower volatility during the first 140 trading days of 2026 compared with previous years.
The central bank remains optimistic about the medium-term outlook, citing expected support from remittance inflows and easing foreign exchange pressures.
On a trade-weighted basis, the cedi depreciated by 6.1 per cent, while it fell by 8.3 per cent on a nominal foreign exchange transaction-weighted basis.
