The Bank of Ghana’s May 2026 Economic and Financial Summary indicates that the Ghana cedi depreciated by 8.4 percent against the US dollar during the first five months of 2026.
The latest figure highlights renewed pressure on the local currency despite improvements in several key macroeconomic indicators.
The Central Bank’s Economic and Financial Summary data showed that the cedi depreciated from GH¢10.95 to the dollar in January to GH¢11.4125 by mid-May 2026.
Early in the year, there was pressure on the local currency, which saw a 4.6 percent year-to-date decline in January before a brief rebound in February, recording a 2.2% depreciation.
But in March, the cedi started to decline again with 5.0% depreciation, and it gradually declined through April and May, recording 6.6% and 8.4% depreciation respectively.
The depreciation has occurred despite comparatively positive external sector indicators.
According to the Bank of Ghana, Ghana recorded a trade surplus of $5.28 billion as of April 2026, driven largely by strong gold and crude oil export earnings.
Gross International Reserves also stood at $14.42 billion in May 2026, representing approximately six months of import cover.
Inflation has also declined significantly, easing to 3.4 percent in April 2026 from 18.4 percent during the same period last year.
Source: 3news.com
