Ghana Cedi Loses 9.5% Value Against Dollar in Nine Months
The Ghanaian cedi fell to 11.55 per dollar by September 2026. This follows a sharp decline in the first half of the year.
Key points
- The cedi depreciated 9.5% against the dollar by September 2026.
- July 2026 recorded the largest single monthly loss at 10.6%.
- Databank Research predicts a year-end rate of 12.20 cedis per dollar.
The Ghanaian cedi lost 9.5% of its value against the US dollar by September 2026. This data comes from the Bank of Ghana interbank market.
One dollar cost 11.55 cedis in September. This compares to 12.42 cedis in the same month last year. The currency actually strengthened 18.45% in 2025.
Monthly declines accelerated through mid-year
The cedi lost 4.6% in January 2026. It dropped another 2.2% in February. Losses grew to 5% in March and 6.6% in April.
May saw an 8.4% fall. June recorded a 7.9% drop. July marked the worst month with a 10.6% decline. August showed a smaller 7.1% loss.
Retail rates and foreign currency trends
Retail markets saw an 8% loss since early 2026. Exchange bureaus sold the dollar for 12.20 cedis. This reflects the broader weakening trend.
The cedi also fell against other major currencies. It dropped 9% against the British pound. The loss was 7.3% against the euro in September.
Analysts cite gold rules for outlook
Databank Research forecasts a year-end rate of 12.20 cedis. They expect stronger foreign currency inflows to help. A 30% gold purchase rule will also aid reserves.
