Audio By Carbonatix
The Ghana cedi has begun 2026 under renewed pressure, depreciating by an average of about four per cent against major international currencies in the opening weeks of the year.
Data from the Bank of Ghana’s January 2026 Summary of Economic and Financial Data show the cedi trading at GH¢10.88 to the US dollar on the interbank market, compared with GH¢10.45 at the close of December 2025. This represents a depreciation of roughly four per cent over the period.
The local currency also weakened against other key trading currencies. It lost about 4.9 per cent against the British pound and 4.1 per cent against the euro, trading at GH¢14.77 to the pound and GH¢12.80 to the euro on the interbank market.
Movements across the foreign exchange market have been mixed over the past two weeks. In the retail segment, sustained demand pressures saw the cedi trading at around GH¢12.00 to the US dollar.
Over the same period, the dollar edged up from GH¢11.90 to GH¢12.15, while the pound and the euro strengthened further, closing at approximately GH¢16.30 and GH¢14.20, respectively.
Analysts attribute the January depreciation to seasonal foreign exchange demand, portfolio rebalancing at the start of the year, and the cedi’s sensitivity to global financial conditions.
Despite the slide, the scale of the decline is considered modest compared with the strong performance recorded in 2025.
The Bank of Ghana has maintained a cautious policy stance and continues to monitor foreign exchange market developments, with attention now focused on whether the early-year weakness will ease in the coming months or signal a more sustained adjustment following last year’s sharp appreciation.
The recent softening contrasts sharply with developments in 2025, when the cedi staged a notable recovery. After early losses in the first quarter, the currency rebounded strongly from April, gaining about 43 per cent against the dollar by May and ending the year with a cumulative appreciation of 40.7 per cent, supported by improved confidence, stronger foreign exchange inflows and tighter policy coordination.
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