The Ghanaian cedi weakened against major international currencies in January 2026, marking a reversal of the strong gains recorded toward the end of 2025, according to the Bank of Ghana (BoG).
Data from the BoG’s January 2026 Summary of Economic and Financial Data shows that the cedi depreciated by 4.0 percent against the US dollar during the month. On the interbank market, the local currency traded at GH¢10.88 to the dollar, compared with GH¢10.45 in December 2025. In the retail market, the cedi was quoted at approximately GH¢12.00 to the dollar.
This decline comes after a period of relative stability and significant appreciation throughout much of 2025. The cedi started 2025 on a weaker note, recording a 3.9 percent depreciation against the dollar. Losses persisted through February and March before the currency began to stabilise in April.
A dramatic turnaround occurred in May 2025, when the cedi rallied strongly, appreciating by about 43 percent against the US dollar from the beginning of the year. This momentum was sustained for the rest of 2025, enabling the currency to close the year with a year-to-date gain of 40.7 percent.
However, the renewed pressure on the cedi in January 2026 was not limited to the US dollar. The currency also depreciated by 4.9 percent against the British pound and 4.1 percent against the euro during the month.
The latest figures suggest that while the cedi recorded impressive gains in 2025, it has entered 2026 facing fresh challenges in maintaining stability against major global currencies.
