{
  "id": 14132442,
  "title": "Ghana Cedi Falls 11% Against the US Dollar This Year",
  "url": "https://urgent.news/2026/10/13/ghana-cedi-falls-11-against-the-us-dollar-this-year",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-13T05:50:46.000Z",
  "source": {
    "name": "The Rio Times",
    "slug": "the-rio-times",
    "url": "https://www.riotimesonline.com/ghana-cedi-dollar-2026/"
  },
  "original_language": "en",
  "account": "The Ghana cedi has depreciated 11.2% against the US dollar since the start of the year, according to the Bank of Ghana's reference rates. On October 12th, the central bank set the exchange rate at GHS 11.77 per dollar, up from GHS 10.45 per dollar on December 31st. The weakening cedi makes US goods more expensive in Ghana and stretches the purchasing power of every dollar for visitors and investors. Business desks in Accra attribute the fall to pre-Christmas import demand and higher energy costs, which force companies to chase dollars. This year's trend contrasts sharply with 2025, when the cedi appreciated by about 41% against the dollar. Historical data shows the cedi reached GHS 14.70 per dollar by year-end 2024, falling to the current level. The exchange rate has been volatile this year, peaking at GHS 11.85 per dollar on June 5th before recovering to GHS 11.25 per dollar by August's end. Over the past two weeks, the cedi declined 1.42% against the dollar on the interbank market. Against the British pound, the cedi slipped 1.29%, while it gained 0.35% against the euro. At private forex bureaus, the average price for dollars is GHS 12.10 per dollar. Importers typically increase dollar purchases in the final quarter to stock goods for Christmas, a factor that analysts label seasonal demand. Higher energy costs also contribute to the decline, as fuel imports must be paid for in foreign currency. Analysts at Databank Research expect the cedi rate to remain between GHS 11.60 and GHS 12.10 per dollar in the near term, with GHS 12.00 per dollar as a likely cap. However, they note the risks are tilted towards further depreciation. Sustainable appreciation will hinge on whether dollar inflows can offset seasonal import demand without exhausting the Bank of Ghana's reserves. The Ghana Gold Board, or GoldBod, a state agency that buys and exports gold from small-scale miners, has sold US$255 million to commercial banks through its GoFX platform since the beginning of October. Another US$1 billion sale is planned for October, with US$500 million earmarked for the central bank's reserves. This gold-backed supply, combined with the central bank's readiness to intervene, forms the main buffer for the market at present. For American tourists and remote workers paid in dollars, each dollar now yields about 12.6% more cedis than at the start of 2026. For US companies selling machinery, vehicles or food in Ghana, the same shift increases the local cost of their goods. Investors in Ghana's dollar bonds monitor the cedi closely since a weaker currency raises the local cost of servicing foreign debt. Ghana restructured much of its foreign debt after its 2022 default, underscoring the importance of currency stability for the nation's recovery. Gold export earnings have fueled recent growth, as highlighted in Ghana Grows 6% as Gold Lifts Exports, Reserves Dip. Lenders have thus far tolerated the fluctuations, as reported in Ghana Bank Assets Hit US$42 Billion as Bad Loans Ease. It remains unclear how much of GoldBod's planned US$1 billion has been allocated since October 8th. GoldBod sells on Tuesdays and Thursdays, so another sale could occur as early as October 13th. The Bank of Ghana has not publicly disclosed the reason behind its decision to halt October intermediation. Nor is it clear whether energy import bills will ease before the holiday peak in demand in December. Historical reference rates from the Bank of Ghana reveal the cedi has fallen 11.2% against the US dollar from December 31st, 2025, to October 12th, 2026, moving from GHS 10.45 to GHS 11.77 per dollar. Local reports cite seasonal import demand ahead of Christmas and rising energy costs as the primary drivers of the depreciation.",
  "summary": "The cedi has lost 11.2% against the US dollar since January, Bank of Ghana rates show, as festive import demand and energy costs weigh on it. The post Ghana Cedi Falls 11% Against the US Dollar This Year appeared first on The Rio Times .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}