Cedi records 7.9% depreciation against US dollar in first half of 2026
The Ghana cedi depreciated by 7.9 per cent against the United States dollar on the interbank foreign exchange market during the first half of 2026, the Bank of Ghana (BoG) revealed in its latest Monetary Policy Report.
In the first half of 2026, the Ghana cedi experienced a 7.9% depreciation against the US dollar on the interbank foreign exchange market, according to the Bank of Ghana's latest Monetary Policy Report. The cedi also saw declines of 6.5% against the British pound and 5.3% against the euro year-to-date. This depreciation marked a significant shift from the previous year, when the cedi had appreciated against these currencies.
While the US dollar started July with weaker global sentiment, the impact on emerging market currencies like the Ghanaian cedi varied due to specific vulnerabilities within each nation. The cedi faced intense pressure in May 2026 but showed signs of recovery by year's end, helping to reduce the overall losses. The Bank of Ghana remains optimistic about the cedi's medium-term stability, anticipating support from remittance inflows and a moderating foreign exchange market.
Despite the depreciation, the cedi displayed reduced volatility in the first 140 transaction days of 2026 compared to previous years. In trade-weighted terms, the cedi depreciated by 6.1% nominally and 8.3% in foreign exchange transaction-weighted measures over the review period.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
