Cedi Plunges 7.9% Against US Dollar in First Half of 2026

The Ghanaian cedi has depreciated significantly against major currencies in the first half of 2026. According to the Bank of Ghana's latest Monetary Policy Report, the local currency recorded a 7.9% depreciation against the US dollar on the interbank foreign exchange market during this period.

This performance reflects renewed pressures in the domestic foreign exchange market despite a weaker US dollar on the international market. The cedi also declined by 6.5% against the British pound and 5.3% against the euro on a year-to-date basis as of June 2026.

The Bank of Ghana noted that while the US dollar entered July on a weaker footing globally due to expectations surrounding economic data, emerging market currencies varied in their response due to country-specific vulnerabilities.

Despite this volatility, the Central Bank expressed optimism about the medium-term outlook for the local currency, citing expected support from remittance inflows and easing pressures in the foreign exchange market. The cedi is expected to remain relatively stable over the medium term as foreign exchange demand moderates the pressures on the currency.