Cedi depreciates by 8.4% against dollar in frst five months of 2026 – BoG

The Ghana cedi recorded an 8.4 percent depreciation against the US dollar between January and May 2026, according to the Bank of Ghana’s May 2026 Economic and Financial Summary.

The report highlights renewed pressure on the local currency, even though several macroeconomic indicators have shown improvement during the period.

According to the Central Bank data, the cedi weakened from GH¢10.95 to the dollar in January 2026 to GH¢11.4125 by mid-May 2026.

The currency experienced mixed performance in the early months of the year, recording a 4.6 percent depreciation in January, followed by a brief rebound in February with a 2.2 percent change.

However, pressure resumed in March, with a 5.0 percent depreciation, before continuing through April and May, which recorded 6.6 percent and 8.4 percent depreciation respectively.

Despite the currency’s decline, the report noted relatively strong external sector performance.

Ghana recorded a trade surplus of $5.28 billion as of April 2026, supported mainly by strong earnings from gold and crude oil exports.

Gross International Reserves also increased to $14.42 billion in May 2026, providing an import cover of about six months.

Inflation showed significant improvement, easing to 3.4 percent in April 2026, down from 18.4 percent recorded in the same period last year.