Cedi Depreciates 9.5% Against The Dollar In 2026
Bank Of Ghana Points To Energy Sector Demand And Dividend Repatriation
By Hamuk O. Digne · September 23, 2026 · 41 seconds read
The Ghana cedi has depreciated by 9.5% against the US dollar in the interbank market through the first nine months of 2026, according to Bank of Ghana figures, with the currency trading at roughly GHC11.55 to the dollar in September.
What's Driving The Pressure The World Bank has pointed to heightened foreign exchange demand from Ghana's energy sector, alongside dividend repatriation by some private companies, as key contributors to the cedi's weakness this year.
Central Bank Response The Bank of Ghana has pointed to the Foreign Exchange Operations Framework it introduced in November 2025 as evidence that its market interventions are rules-based rather than discretionary. Bank of Ghana Governor Dr. Johnson Asiama reaffirmed in September that FX interventions follow that framework and are not undertaken at the Governor's discretion, while the central bank's inflation-targeting mandate remains intact.