The Ghana cedi depreciated by approximately 9.5% against the US dollar in the interbank market in the seven months of 2026.

This is compared with the 40% appreciation in July 2025.

According to the July 2026 Summary of Economic and Financial Data by the Bank of Ghana, the cedi traded at GH¢11.55 to one American greenback in July 2026.

This is compared with GH¢10.50 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.

The losing streak continued, depreciating by 5.0% and 6.6% in March 2026 and April 2026, respectively.

The cedi continued to depreciate by approximately 8.4% against the US dollar in the interbank market in May 2026 and further by 10.9% and 7.9%, respectively.

Nonetheless, in the retail market, the local currency has gained about 0.50% in value against the US dollar since January 1, 2026.

It is presently selling at GH¢12.20 to one American greenback at the forex bureaus.

Meanwhile, the cedi depreciated by 9.5% and 7.1% respectively to the pound and euro in the interbank market in July 2026.

For the past two weeks, the Ghana cedi weakened modestly in the wholesale (interbank) market but remained broadly stable in the retail market.

Databank Research believes the modest interbank slippage largely stems from sustained pressures on derived demand outpacing a policy-anchored forex supply.

“While gross reserves appear robust, supported mainly by gold and traditional export inflows, the government’s relatively ambitious reserve agenda to build roughly 15 months of import cover by 2028 will require stronger reserve accumulation efforts. This, we believe, may temper the scale of spot market interventions”.