Ghana Cedi Depreciation Widens to 9.5% Against US Dollar in 2026

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  • Bank of Ghana data show the cedi has fallen to around GH¢11.55 per dollar by September 2026, after closing 2025 at GH¢10.45
  • The cedi had posted strong gains throughout 2025, making the latest slide a notable reversal of recent currency performance
  • The World Bank has pointed to foreign-exchange demand from the energy sector and corporate dividend payments as key pressure points

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The Ghana cedi has depreciated by 9.5% against the US dollar in the first nine months of 2026, erasing a significant portion of the gains the currency recorded over the previous year.

Bank of Ghana figures show the cedi trading at approximately GH¢11.55 to the dollar in September 2026.

The Ghana cedi’s depreciation against the US dollar has widened to 9.5% in the first nine months of 2026. Credit: Ministry of Finance
Source: Getty Images

That compares with a closing rate of GH¢10.45 at the end of December 2025, when the currency had finished a year of notable strengthening.

At the start of 2025, the cedi stood at GH¢15.30 to the dollar, meaning the currency shed a large portion of those 2025 gains within the first three quarters of 2026.

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Cedi Also Weakens Against Pound and Euro

The dollar is not the only currency against which the cedi has lost ground. Year-to-date depreciations of 9.0% and 7.3% have been recorded against the British pound and the euro respectively, reflecting broad-based pressure on Ghana's currency in 2026.

The slide accelerated after a brief period of relative calm in August, when the year-to-date depreciation against the dollar had narrowed to about 7.1%. The cedi had recovered to around GH¢10.95 to the dollar at one point during that month before renewed selling pressure pushed the rate higher again.

The World Bank has cited heightened foreign-exchange demand from Ghana's energy sector, alongside dividend repatriations by some private companies, as contributing factors behind the cedi's weakness.

Those demand-side pressures have continued even as Ghana records strong export earnings and improved external balances, suggesting that robust supply of foreign exchange has not been sufficient to offset demand.

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The Bank of Ghana has framed recent exchange-rate movements within a flexible, market-determined regime, where rates respond to underlying supply and demand conditions. In September, the central bank introduced a new Foreign Exchange Operations Framework to make its intervention principles more transparent while keeping its inflation-targeting mandate intact.

Despite the currency's renewed weakness, broader macroeconomic indicators in Ghana continue to point towards gradual stabilisation, presenting a mixed picture for policymakers as they manage competing pressures in the foreign-exchange market.

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Source: YEN.com.gh