Cedi falls 7.9% against dollar in first half of 2026 – BoG
The Ghana cedi lost 7.9 per cent of its value against the US dollar on the interbank foreign exchange market during the first half of 2026, according to the Bank of Ghana’s latest Monetary Policy Report.
The central bank also reported that the cedi weakened by 6.5 per cent against the British pound and 5.3 per cent against the euro on a year-to-date basis as of June 2026.
The Bank of Ghana attributed the depreciation to renewed pressures in the domestic foreign exchange market, even as the US dollar weakened on the global market.
The development marked a sharp reversal from the same period in 2025, when the cedi appreciated by 42.6 per cent against the dollar, 30.3 per cent against the pound and 25.6 per cent against the euro.
According to the report, the dollar started July on a weaker note internationally amid expectations surrounding economic data. However, the performance of emerging-market currencies varied depending on individual countries’ economic vulnerabilities.
The cedi experienced significant pressure in May 2026 before recovering, which helped reduce the overall extent of its losses during the first half of the year.
Despite the depreciation, the Bank of Ghana maintained a positive outlook for the cedi over the medium term. It expects increased remittance inflows and reduced foreign exchange market pressures to provide support for the local currency.
The central bank also noted that the cedi was less volatile during the first 140 trading days of 2026 compared with the corresponding periods in previous years.
On a trade-weighted basis, the cedi recorded a 6.1 per cent depreciation in nominal trade-weighted terms and an 8.3 per cent decline in nominal foreign exchange transaction-weighted terms during the review period.
Source: GNA
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