The Ghana cedi has begun 2026 under renewed pressure, depreciating by an average of 4% against major trading currencies.

Data from the Bank of Ghana’s January 2026 Summary of Economic and Financial Data show the cedi trading at GH¢10.88 to the US dollar on the interbank market, compared with GH¢10.45 at the end of December 2025 with a 4% percent depreciation rate.

Beyond the dollar, the cedi also lost 4.9% against the British pound and 4.1% against the euro, trading at GH¢14.77 to the pound and GH¢12.80 to the euro on the interbank market respectively over the period under review.

Over the past two weeks, the cedi recorded mixed performance across segments of the foreign exchange market.

In the retail market, the local currency exchanged at about GH¢12.00 to the dollar due to lingering demand pressures.

The dollar slipped modestly against the cedi, moving from GH¢11.90 to GH¢12.15, while the pound and euro firmed by closing of GH¢16.30 and GH¢14.20 respectively.

This January depreciation is a combination of seasonal foreign exchange demand, portfolio adjustments at the start of the year and underlying sensitivity to global financial conditions.

However, the scale of the depreciation remains modest relative to the exceptional gains recorded in 2025.

With the Bank of Ghana maintaining a cautious policy stance and monitoring foreign exchange expectations closely, it will be important to assess whether the early-year weakness stabilises in the coming months or signals a more sustained recalibration of the cedi after the outsized appreciation in 2025.

The early-year weakness contrasts sharply with developments in 2025, when the cedi staged a dramatic turnaround.

After losing 3.9 per cent in January 2025 and extending losses through February and March, the currency reversed course in April.

By May 2025, the cedi had appreciated by about 43 per cent against the dollar since the start of the year, supported by improved confidence, foreign exchange inflows, and tighter policy coordination.

The rally was sustained through the rest of the year, with the cedi closing 2025 with a year-to-date gain of 40.7 per cent.