Cedi’s year-to-date loss slumps to 4.09% as recent gains gather pace

The cedi's year-to-date depreciation has significantly declined to 4.09%, down from 10.4% at the end of July 2026, according to market data reported by Joy Business. This improvement is evident in the currency's performance on a monthly and weekly basis as well. The cedi's positive momentum persisted during the week of August 10-11, 2026.

Market trends suggest that this trend could continue in the upcoming weeks, based on recent market data and insights from the Bank of Ghana. The enhanced performance is primarily attributed to robust foreign exchange intermediation and backing from the Bank of Ghana. Additionally, revenue from the extractive sector and increased offshore investment in Ghana's local bonds have bolstered the cedi's strength.

Market participants have also highlighted reduced demand pressures as a key driver of the currency's recent gains. Dr. Benjamin Amoah, a Senior Finance Lecturer at the University of Ghana Business School, anticipates the cedi's upward trend to persist. He attributes this outlook to the Foreign Exchange Management Framework currently being executed by the Bank of Ghana.

The latest performance represents a significant turnaround from the cedi's struggles during the first half of the year, when the currency suffered from substantial depreciation due to heightened demand for the US dollar.