The Ghana cedi has taken a hit in the first month of 2026, losing 4.0% of its value to the US dollar. According to the Bank of Ghana's January 2026 Summary of Economic and Financial Data, the cedi traded at GH¢10.88 to one American greenback in January 2026, compared to GH¢10.45 in December 2025. In the retail market, the local currency sold at GH¢12.00 to one American greenback.
This depreciation is a reversal of the cedi's strong performance in 2025, where it ended the year with a year-to-date gain of 40.7%. The cedi had started 2025 on a weak note, losing 3.9% in value to the US dollar, but it gained momentum in May 2025, recording a 43% gain against the American greenback since January 1, 2025.
The cedi's mixed performance was also evident in its trading against other major currencies. It lost 4.9% and 4.1% to the pound and euro, respectively, in January 2026, trading at GH¢14.77 and GH¢12.80 to the pound and euro in the interbank market.
Over the last two weeks, the Ghana cedi showed a mixed performance, depreciating slightly in the interbank market while strengthening in the retail market. The US dollar/Ghana cedi closed at a midrate of GH¢10.88 in the interbank market, up from GH¢10.70.
The Bank of Ghana has been monitoring the situation and is expected to continue its interventions in the coming months to reduce volatility. The central bank's Monetary Policy Committee is set to meet this week to discuss the next policy move, with analysts expecting a more measured cut of between 100 and 150 basis points.
Comments