Cedi explainer

Why Is the Cedi Falling or Rising?

The cedi's exchange rate moves for a handful of recurring reasons: the Bank of Ghana's policy rate and inflation, export earnings from gold, cocoa, and oil, diaspora remittances and other foreign-exchange inflows, and global demand for the US dollar. This page explains each driver and shows today's live move against the dollar, pound, and euro.

Today's cedi move

$Dollar to Cedi0.15%

The cedi weakened 0.15% against the dollar on 6 Aug 2026.

See the full dollar to cedi page
£Pound to Cedi0.33%

The cedi weakened 0.33% against the pound on 6 Aug 2026.

See the full pound to cedi page
€Euro to Cedi0.36%

The cedi weakened 0.36% against the euro on 6 Aug 2026.

See the full euro to cedi page

What drives the cedi

01

Bank of Ghana policy rate and inflation

The Bank of Ghana sets a benchmark policy rate at each Monetary Policy Committee meeting. A higher rate makes cedi-denominated assets more attractive to hold and tends to cool inflation, both of which can support the cedi; a lower rate works the other way. Persistently high inflation erodes the cedi's purchasing power and usually shows up as sustained depreciation.

02

Gold, cocoa, and oil export earnings

Gold, cocoa, and crude oil are Ghana's largest export earners, and each is sold internationally in US dollars. Strong export earnings bring more foreign currency into the country, which supports the cedi; a fall in commodity prices or export volumes reduces that inflow and puts pressure on the rate.

03

Diaspora remittances and FX inflows

Money sent home by Ghanaians abroad is a large and steady source of foreign-exchange inflow, alongside export earnings, foreign investment, and aid disbursements. Remittance flows tend to be less volatile than commodity prices, but a slowdown still adds to FX-supply pressure on the cedi.

04

Global dollar demand

The dollar's strength against a basket of major currencies moves independently of anything happening in Ghana. When the dollar strengthens globally, for instance during a period of higher US interest rates, most emerging-market currencies, the cedi included, tend to weaken against it too.

05

Government debt and the IMF programme

Ghana's public debt levels, its debt-service payments in foreign currency, and its standing under the current IMF programme all affect investor confidence in the cedi. Progress against programme targets tends to support the currency; missed targets or new financing pressure tend to weigh on it.

Frequently asked questions

Why did the cedi fall today?
See the daily move for the dollar, pound, and euro above: each cedi page carries a dated note on that day's change. Day-to-day moves usually trace back to one of the drivers on this page, most often FX demand, commodity export earnings, or the Bank of Ghana policy rate.
What makes the cedi strengthen?
The cedi tends to strengthen when foreign-exchange inflows rise, whether from stronger gold, cocoa, or oil export earnings, higher diaspora remittances, or a higher Bank of Ghana policy rate that makes cedi assets more attractive to hold. A weaker US dollar globally also tends to lift the cedi alongside other emerging-market currencies.
How often does the cedi rate change?
The cedi's market rate against the dollar, pound, and euro can move every trading day. The live rate pages on this site show the latest market close for each pair, refreshed daily.