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. The report said the local currency also declined by 6.5 per cent against the British pound and 5.3 […]
In the first half of 2026, Ghana's 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 local currency also declined by 6.5% against the British pound and 5.3% against the euro on a year-to-date basis. This marks a stark contrast to the previous year, when the cedi had appreciated by 42.6% against the dollar, 30.3% against the pound, and 25.6% against the euro.
The depreciation of the cedi was attributed to renewed pressures in the domestic foreign exchange market, despite a weaker US dollar on the international market. The report suggested that while the US dollar entered July on a weaker note due to economic data expectations, emerging market currencies reacted differently due to their individual vulnerabilities.
The cedi saw a temporary recovery in May 2026, helping to lessen the extent of losses earlier in the year. The Bank of Ghana remains optimistic about the medium-term outlook for the cedi, citing expectations of support from remittance inflows and reduced pressures in the foreign exchange market.
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