Cedi Depreciation Accelerates to 9.5% Against Dollar in 2026

The Ghanaian cedi has depreciated significantly in 2026, erasing some of its gains from last year. According to Bank of Ghana data, the currency has fallen to around GH¢11.55 per dollar by September this year, compared to a closing rate of GH¢10.45 at the end of 2025.

The cedi had been strengthening throughout 2025, making its recent slide a notable reversal in performance. The World Bank points to foreign-exchange demand from the energy sector and corporate dividend payments as key pressure points.

The Ghana cedi has depreciated by 9.5% against the US dollar in the first nine months of 2026, which is broader-based weakness reflected in year-to-date depreciations of 9.0% against the British pound and 7.3% against the euro.