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

In September 2026, the Ghana cedi experienced a 9.5% depreciation in the interbank market, marking the same rate of decline as the previous month. However, this is contrasted with an 18.45% appreciation during the same period in 2025. The cedi's value reached GH¢11.55 per US dollar in September 2026, down from GH¢12.42 a year earlier.

The depreciation began in January, with the cedi losing 4.6% against the US dollar. It continued to weaken, with a 2.2% decrease in February, followed by losses of 5.0% and 6.6% in March and April. In May, the cedi depreciated by approximately 8.4% against the US dollar in the interbank market, and this trend persisted in June and July, with losses of 7.9% and 10.6%, respectively.

In August, the cedi depreciated by 7.1%, but this was better than the previous month. The local currency has also lost around 8% against the US dollar in the retail market since the beginning of the year, currently trading at GH¢12.20 for one American greenback at forex bureaus. The Bank of Ghana had forecast earlier that the cedi would end the year at GH¢12.20 against the US dollar, after revising its previous forecast downwards by 65 basis points.

This forecast was based on stronger foreign exchange inflows and an improving external position. The research firm attributed its decision to these factors, emphasizing the positive impact of the 30% Gold Off-Take Mandate under GoldBod. This mandate, supported by an increased budget allocation from GH¢4.5 billion to GH¢5.0 billion, aimed to boost gold mobilisation and help accumulate reserves.