The Ghana cedi lost 8.4% of its value against the US dollar during the first five months of 2026, according to the Bank of Ghana’s Economic and Financial Summary for May 2026.
This represents a bigger decline compared to the 6.6% depreciation recorded during the same period in 2025.
The development points to fresh pressure on the local currency even as several major macroeconomic indicators continue to improve.
Data from the central bank showed that the cedi moved from an average mid-rate of 10.95 per dollar in January to 11.4125 by mid-May 2026.
The currency faced significant pressure at the start of the year, posting a year-to-date depreciation of 4.6% in January before seeing a short-lived recovery in February.
However, the cedi began weakening again in March and maintained a steady downward movement throughout April and May.
Compared to the severe fluctuations experienced in 2025, the depreciation trend in 2026 has been slower but more consistent.
The weakening of the cedi has occurred despite relatively solid external economic indicators.
As of April 2026, Ghana recorded a trade surplus of $5.28 billion, driven largely by strong earnings from gold and oil exports.
Gross International Reserves reached $14.42 billion in May 2026, enough to cover roughly six months of imports, while inflation dropped sharply to 3.4% in April from 18.4% recorded a year earlier.
The continued strain on the currency despite stronger macroeconomic conditions suggests that issues such as capital outflows, portfolio shifts and investor confidence may now be having a greater influence on the foreign exchange market.
Should the exchange rate pressure continue in the months ahead, it could impact import prices, inflation projections and business decision-making.