For the 1st time in 30 years, the cedi appreciated by 41% against the dollar in 2025
The Bank of Ghana’s (BoG) January 2026 Summary of Economic and Financial Data shows that the cedi depreciated by 4% against the US dollar in the first month of 2026.
On January 27, 2026, the cedi traded at GH¢10.88 to the dollar on the interbank market, compared with GH¢10.45 in December 2025.
This represents a 4% depreciation.
In 2025, however, the cedi appreciated by more than 30% during the first eleven months.
Against other major currencies in January 2026, the cedi fell by 4.9% against the pound and 4.1% against the euro.
The report showed that by the end of the month, the pound and euro traded at GH¢14.78 and GH¢12.80 respectively.
Ghana cedi makes historic gains against the US dollar – Report
For the first two weeks of January 2026, the cedi remained relatively stable, weakening slightly towards the end of the month.
According to the central bank, the depreciation was driven by seasonal demand for foreign exchange, start-of-year adjustments, and sensitivity to global financial conditions.
The Bank of Ghana (BoG) noted that it will be important to monitor whether this early-year weakness stabilises in the coming months or signals a more sustained trend, especially given the strong performance of the cedi in 2025.
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