The Ghana cedi has come under renewed pressure at the start of 2026, weakening by about four per cent against major international currencies in the first few weeks of the year.
According to the Bank of Ghana’s January 2026 Summary of Economic and Financial Data, the cedi is currently trading at GH¢10.88 to the US dollar on the interbank market, down from GH¢10.45 at the end of December 2025.
This reflects a depreciation of roughly four per cent over the period.
The currency has also lost ground against other major trading currencies. It has depreciated by 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.
Developments in the foreign exchange market have been mixed. While interbank rates show a gradual weakening, pressure has been more pronounced in the retail market, where sustained demand has pushed the cedi to around GH¢12.00 to the US dollar.
Over the same period, the dollar strengthened from GH¢11.90 to GH¢12.15, while the pound and euro rose further to about GH¢16.30 and GH¢14.20, respectively.
Analysts attribute the cedi’s early-year depreciation to seasonal demand for foreign exchange, portfolio adjustments typically seen at the start of the year, and the currency’s sensitivity to global financial conditions.
Despite the recent decline, observers note that the scale of the depreciation remains modest when compared with the strong performance recorded in 2025.
The Bank of Ghana has maintained a cautious policy stance and continues to closely monitor developments in the foreign exchange market.
Attention is now focused on whether the early-year weakness will ease in the months ahead or mark a more sustained adjustment following last year’s sharp appreciation.
The recent softening stands in contrast to developments in 2025, when the cedi recorded a significant 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 an overall appreciation of 40.7 per cent.
This recovery was supported by improved market confidence, stronger foreign exchange inflows, and tighter policy coordination.
