The Ghana cedi depreciated by 7.9% against the US dollar on the interbank foreign exchange market during the first half of 2026, according to the Bank of Ghana’s latest Monetary Policy Report.
The cedi also lost 6.5% against the British pound and 5.3% against the euro over the same period. This marks a sharp reversal from H1 2025, when the cedi appreciated by 42.6% against the dollar.
The Bank of Ghana attributed the depreciation to renewed pressures in the domestic foreign-exchange market, although it noted that the cedi came under particularly intense pressure in May before recovering somewhat.
“On the interbank market, the cedi depreciated by 7.9 per cent, 6.5 per cent and 5.3 per cent against the dollar, pound and euro, respectively, on a year-to-date basis,” stated the report.
The central bank expects relative stability in the medium term, supported by moderating foreign-exchange demand and remittance inflows.
It noted that the development contrasted sharply with the corresponding period in 2025, when the cedi recorded appreciations of 42.6 per cent against the dollar, 30.3 per cent against the pound and 25.6 per cent against the euro.
The report indicated that the cedi came under intense pressure in May 2026 but subsequently recovered, helping to moderate the extent of losses recorded earlier in the year.
The Bank of Ghana, however, 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.
“Over the medium term, the Ghana cedi is expected to remain relatively stable as foreign exchange demand from financial intermediation moderates the pressures on the cedi, along with remittance flows,” it added.
The Central Bank further observed that despite the depreciation, the cedi exhibited lower volatility during the first 140 transaction days of 2026 compared with the same period in previous years. Enditem
