The Ghana cedi has started 2026 under pressure, depreciating by an average of 4% against major trading currencies.
As of January 2026, the cedi is trading at GH¢10.88 to the US dollar, GH¢14.77 to the British pound, and GH¢12.80 to the euro on the interbank market.
The depreciation is attributed to seasonal foreign exchange demand, portfolio adjustments at the start of the year, and underlying sensitivity to global financial conditions.
Despite this, the scale of depreciation remains modest relative to the exceptional gains recorded in 2025, when the cedi appreciated by 40.7%.
Fitch Solutions predicts the cedi will weaken by 8% against the US dollar in 2026, citing elevated global gold prices and Ghana’s healthy international reserves as factors that will limit undue pressure on the exchange rate.
The Bank of Ghana has injected $10 billion into the foreign exchange market since January 2025 to stabilize the cedi, and the government has outlined a commitment to fiscal discipline in the 2026 Budget.
