Cedi depreciates by 9.5% in nine months of 2026 – BoG

In September 2026, the value of the Ghana cedi depreciated by 9.5% against the US dollar in the interbank market, maintaining the same rate of depreciation observed in July 2026. This depreciation contrasted with a 18.45% appreciation in the same period of 2025. The cedi was valued at GH¢11.55 to one American greenback in September 2026, down from GH¢12.42 during the same period in 2025.

The depreciation trend began in January 2026, when the cedi fell by 4.6% against the US dollar but experienced a resurgence in February, losing 2.2% of its value. The downward spiral continued with the cedi depreciating by 5.0% in March 2026 and 6.6% in April 2026. The trend persisted in May 2026, with a depreciation of approximately 8.4% against the US dollar, followed by further declines in June (7.9%) and July 2026 (10.6%).

In August 2026, the cedi depreciated by 7.1% compared to July 2026. In the retail market, the local currency has lost approximately 8% of its value against the US dollar since January 1, 2026, currently trading at GH¢12.20 to one American greenback at forex bureaus. The cedi also depreciated by 9.0% to the pound and 7.3% to the euro in the interbank market in September 2026.

Databank Research had previously forecasted that the Ghana cedi would end the year at GH¢12.20 to a US dollar, a revision from an earlier downward forecast. This forecast was based on stronger foreign exchange inflows and an improving external position. The research firm attributed its decision to these factors, alongside the implementation of the 30% Gold Off-Take Mandate under GoldBod, which is supported by increased budget allocation from GH¢4.5 billion to GH¢5.0 billion.