The Ghana cedi has depreciated by approximately 3.9% against the US dollar in the interbank market in the first three months of the year.

This is higher than the 2.2% depreciation in February.

According to the March 2026 Summary of Economic and Financial Data by the Bank of Ghana, the cedi traded at GH¢10.87 to one American greenback in March 2026.

This is compared with GH¢15.53 during the same period in 2025.

In January, the cedi depreciated by 4.6% to the US dollar, but it fared better in February 2026, losing 2.2% in value to the American greenback.

Nonetheless, in the retail market, the local currency has gained about 4.9% in value against the US dollar since January 1, 2026.

It is presently selling at GH¢11.70 to one American greenback.

Meanwhile, the cedi lost 2.8% and 1.7% respectively to the pound and euro in the interbank market in January 2026.

 It traded at GH¢14.46 and GH¢12.49 to the pound and the euro respectively in the interbank market.

Databank believes the recent appreciation was partly driven by stronger export receipts from gold and crude oil.

The recent strong performance of the cedi is due to elevated commodity prices amid escalating Middle East tensions that boosted foreign exchange inflows and improved liquidity in the domestic market.

However, the broader global backdrop remains fragile, with heightened geopolitical risks strengthening the US dollar as a safe-haven asset and sustaining global demand for dollar liquidity.

Databank Research said, “Looking ahead, stronger commodity export receipts alongside the Central Bank’s targeted US$1bn FX [foreign exchange] intervention facility for March [2026] should provide near-term support to the cedi. Nonetheless, we anticipate that rising importer-driven FX demand, higher import costs and persistent global risk aversion will reintroduce depreciation pressures on the currency”.