The Ghana cedi has continued to experience a decline in value against major foreign currencies. As of September 2026, the cedi had depreciated by 9.5% in the interbank market. This rate of depreciation remained unchanged from July 2026. In comparison, during the same period in 2025, the cedi experienced an 18.45% appreciation. The current depreciation trend is a concern for the Ghanaian economy.
According to the Bank of Ghana's September 2026 Summary of Economic and Financial Data, the cedi traded at GH¢11.55 to one American dollar in September 2026. This represents a significant decline from the same period in 2025, when the cedi traded at GH¢12.42 to the dollar. The decline in value of the cedi has been attributed to various factors, including global economic pressures and a decline in foreign exchange inflows.
The cedi's depreciation began in January 2026, when it lost 4.6% of its value against the US dollar. The currency continued to decline in value, losing 2.2% in February 2026, 5.0% in March 2026, and 6.6% in April 2026. The decline accelerated in May 2026, with the cedi depreciating by approximately 8.4% against the US dollar in the interbank market. The trend continued in June 2026, with a 7.9% depreciation, and 10.6% in July 2026.
In August 2026, the cedi depreciated by 7.1% against the US dollar, which is slightly better than the 10.6% depreciation recorded in July 2026. In the retail market, the local currency has lost about 8% in value against the US dollar since January 1, 2026. The cedi is currently selling at GH¢12.20 to one American dollar at the forex bureaus.
The cedi's depreciation against other major currencies is also a concern. In September 2026, the cedi depreciated by 9.0% and 7.3% against the pound and euro, respectively, in the interbank market. This trend is expected to have a significant impact on the Ghanaian economy, particularly on inflation and the cost of living.
Databank Research has forecasted that the Ghana cedi will end the year at GH¢12.20 to a US dollar. This forecast was made after revising its earlier forecast downwards by 65 basis points. The research firm cited stronger foreign exchange inflows and an improving external position as reasons for its decision.
The 30% Gold Off-Take Mandate under GoldBod, supported by an increase in its budget allocation from GH¢4.5 billion to GH¢5.0 billion, is expected to boost gold mobilisation and support reserve accumulation. This move is expected to help stabilise the cedi and improve the country's foreign exchange position.
Key points
- The cedi has depreciated by 9.5% against the US dollar in the interbank market as of September 2026.
- The cedi traded at GH¢11.55 to one American dollar in September 2026, down from GH¢12.42 during the same period in 2025.
- Databank Research has forecasted that the Ghana cedi will end the year at GH¢12.20 to a US dollar.
