Ghanaian Cedi Plunges 9.5% Against US Dollar Amid Renewed FX Pressure

The Ghanaian cedi has lost significant value against the US dollar in the first nine months of 2026, recording a depreciation of 9.5%. This sharp reversal marks a departure from the currency's strong performance a year earlier.

According to the Bank of Ghana data, the cedi is currently trading at approximately GH¢11.55 to the US dollar in September, compared to GH¢10.45 at the end of December 2025. The currency has also weakened against other major currencies, including the pound and euro, with year-to-date depreciations of 9.0% and 7.3%, respectively.

The World Bank attributes increased foreign-exchange demand from the energy sector and dividend payments by some private corporations as contributing factors to the pressure on the cedi. However, Ghana has continued to benefit from strong export earnings and improved external balances, indicating that supply alone cannot eliminate pressures arising from demand.