The Ghana cedi recorded a 3.9% depreciation against the US dollar in the interbank market during the first quarter of 2026, according to the Bank of Ghana’s March 2026 Summary of Economic and Financial Data. This followed a smaller 2.2% drop in February. By March, the cedi was trading at GH¢10.87 per US dollar, compared with GH¢15.53 in the same period last year.
Despite the interbank depreciation, the cedi has strengthened in the retail market, gaining roughly 4.9% since January 1, and currently exchanging at GH¢11.70 per dollar.
The local currency also weakened in January against the British pound and euro, falling 2.8% and 1.7% respectively, to trade at GH¢14.46 per pound and GH¢12.49 per euro in the interbank market.
Analysts at Databank Research attribute the cedi’s recent resilience to higher export receipts from gold and crude oil, driven by elevated global commodity prices amid Middle East tensions, which boosted foreign exchange inflows and domestic liquidity.
However, Databank cautioned that the global economic environment remains fragile, with geopolitical risks strengthening the US dollar and maintaining strong global demand for dollar liquidity. They projected that while commodity exports and the Central Bank’s US$1 billion FX intervention may support the cedi in the near term, rising import-driven dollar demand and persistent global risk aversion could reintroduce depreciation pressures.
This mixed performance underscores the delicate balance Ghana faces in maintaining currency stability while navigating global uncertainties and domestic import demands.
