The Bank of Ghana (BoG) Monetary Policy Report for September 2026 has shown that the cedi depreciated by 7.11 percent against the dollar on a year-to-date basis in August 2026 — on the interbank market.
In the same period, the cedi depreciated by 7.78 percent, and 6.09 percent, against the pound, and euro, respectively.
This is against an appreciation of 28.95 percent, 19.49 percent, and 14.08 percent, against the dollar, pound, and euro, respectively, during the same period in 2025.
The report however pointed out that, the cedi was less volatile during the first 185 transaction days in 2026 than in the last four years.
“On the international market, the US dollar strengthened in September due to the Fed’s recent policy rate hikes and, as a result, EMDE currencies came under pressure. On the local FX market, pressures on the cedi were muted in August 2026 due to moderated demand pressures and BoG’s support to the market. In the outlook, seasonal demand pressures coming from energy and commerce sectors may weigh on the cedi”, it added.
Reflecting exchange rate movements with other major trading partners, the cedi depreciated by 6.80 percent and 7.58 percent, respectively, in nominal trade weighted terms and nominal forex transaction weighted terms, on a year-to-date basis, in August 2026.
This is compared to an appreciation of 14.22 percent and 21.60 percent, in nominal trade weighted terms and nominal forex transaction weighted terms, respectively, over the same period in 2025.
In real bilateral terms, the Ghana cedi depreciated by 8.47 percent, 8.15 percent, and 6.97 percent against the dollar, pound, and euro, respectively, on a year-to-date basis, in August 2026.
Comparatively, the Ghana cedi experienced an appreciation of 20.51 percent, 15.91 percent, and 16.94 percent, respectively, against the dollar, pound, and euro, over the same period in 2025.
“In terms of the real effective exchange rate, the Ghana cedi depreciated by 7.27 percent and 8.35 percent, respectively, in real trade weighted terms and real forex transaction weighted terms, on a year-to-date basis, in August 2026. This compared with an appreciation of 17.34 percent and 20.15 percent, respectively, in real trade weighted terms and forex transaction weighted terms, for the same period in 2025”, the report said.