Ghana Cedi Begins 2026 with 4% Depreciation Against Major Currencies

The Ghana cedi has commenced 2026 under significant pressure, depreciating by an average of 4% against major currencies. As of January 2026, the cedi is trading at GH¢10.88 to the US dollar, down from GH¢10.45 in December 2025. It has also experienced declines of 4.9% against the British pound, now at GH¢14.77, and 4.1% against the euro, trading at GH¢12.80. In the retail market, the dollar is exchanging at approximately GH¢12.00, reflecting ongoing demand pressures.

This early depreciation is attributed to seasonal foreign exchange demand, portfolio adjustments at the start of the year, and sensitivity to global financial conditions. The Bank of Ghana is maintaining a cautious stance, closely monitoring the situation to assess whether this weakness will stabilize or indicate a longer-term recalibration, especially following the cedi's notable performance in 2025, where it appreciated significantly after an initial decline. The current depreciation, while concerning, is considered modest compared to the strong gains of the previous year.