Cedi’s depreciation deepens to 9.5% against dollar in 2026
The Ghana cedi has weakened by 9.5% against the US dollar in the first nine months of 2026, reversing much of the strong performance it recorded last year. Latest Bank of Ghana data show the cedi trading at about GH¢11.55 to US$1 in September, compared with GH¢10.45 at the end of December 2025. The currency […] The post Cedi’s depreciation deepens to 9.5% against dollar in 2026 appeared first on The Ghana Report .
The Ghana cedi has weakened by 9.5% against the US dollar in the first nine months of 2026, reversing much of the strong performance it recorded last year.
Latest Bank of Ghana data show the cedi trading at about GH¢11.55 to US$1 in September, compared with GH¢10.45 at the end of December 2025.
The currency has also lost ground against other major currencies, recording year-to-date depreciations of 9.0% against the pound and 7.3% against the euro.
The latest decline comes after some improvement in August, when the cedi’s depreciation against the dollar had narrowed to about 7.1%.
The cedi had strengthened to around GH¢10.95 to the dollar earlier in August before renewed pressure pushed the exchange rate higher.
The development marks a significant reversal from 2025, when the cedi recorded strong gains against the US dollar.
Bank of Ghana figures show the currency ended 2025 at GH¢10.45 to US$1, compared with about GH¢15.30 at the beginning of the year.
The World Bank has attributed some of the recent pressure to increased foreign-exchange demand from the energy sector and dividend payments by some private companies.
Ghana, however, continues to benefit from strong export earnings and improved external balances.
This suggests that increased foreign-exchange supply has not fully offset demand pressures in the market.
The Bank of Ghana has said recent exchange-rate movements are occurring under 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 interventions while maintaining its inflation-targeting mandate.
The renewed weakness of the cedi highlights the challenges facing the currency market after the gains recorded in 2025, even as other key economic indicators continue to show signs of stabilisation.
The post Cedi’s depreciation deepens to 9.5% against dollar in 2026 appeared first on The Ghana Report .