The Ghana cedi depreciated by 7.11% against the US dollar on the interbank market between January and August 2026, according to the Bank of Ghana’s (BoG) September 2026 Monetary Policy Report.
The report also showed that the cedi lost 7.78% of its value against the British pound and 6.09% against the euro over the same period.
The depreciation marks a reversal of the gains recorded in 2025, when the cedi appreciated by 28.95% against the dollar, 19.49% against the pound and 14.08% against the euro during the corresponding period.
Despite the losses, the report noted that the cedi was less volatile during the first 185 trading days of 2026 than it had been over the previous four years.
“On the international market, the US dollar strengthened in September due to the Fed’s recent policy rate hikes and, as a result, EMDE currencies came under pressure. On the local FX market, pressures on the cedi were muted in August 2026 due to moderated demand pressures and BoG’s support to the market. In the outlook, seasonal demand pressures coming from energy and commerce sectors may weigh on the cedi”, it added.
The cedi also weakened against the currencies of Ghana’s other major trading partners. On a year-to-date basis, it depreciated by 6.80% in nominal trade-weighted terms and 7.58% in nominal foreign exchange transaction-weighted terms by August 2026.
These figures contrast with the appreciations of 14.22% and 21.60%, respectively, recorded over the same period in 2025.
After accounting for differences in inflation between Ghana and its trading partners, the cedi’s real value also declined. It depreciated by 8.47% against the US dollar, 8.15% against the pound and 6.97% against the euro on a year-to-date basis in August 2026.
In comparison, the cedi appreciated by 20.51% against the dollar, 15.91% against the pound and 16.94% against the euro during the corresponding period in 2025.
The report further highlighted losses in the cedi’s real effective exchange rate, which measures its value against a basket of trading-partner currencies after adjusting for inflation.
“In terms of the real effective exchange rate, the Ghana cedi depreciated by 7.27 percent and 8.35 percent, respectively, in real trade weighted terms and real forex transaction weighted terms, on a year-to-date basis, in August 2026. This compared with an appreciation of 17.34 percent and 20.15 percent, respectively, in real trade weighted terms and forex transaction weighted terms, for the same period in 2025”, the report said.
