Ghana’s cedi continues to record appreciation against major international currencies in 2026, although the pace of those gains has slowed significantly compared to the sharp recovery cycle witnessed in 2025.
Data from the Bank of Ghana shows that the cedi’s year-to-date appreciation against the US dollar eased from 43.0% in May 2025 to 8.4% by May 2026, pointing to a substantial moderation in the currency’s strengthening momentum over the past year.
The same pattern is visible across other major currencies. The cedi’s appreciation against the British pound slowed from 32.8% to 7.5%, while gains against the euro also declined from 30.4% to 7.5% over the same comparative period.
The figures suggest that while the cedi remains on an appreciation path, the scale and intensity of those gains have reduced considerably in 2026.
The moderation follows an unusually strong appreciation cycle in 2025, when the local currency experienced rapid gains after a period of severe depreciation pressure and heightened foreign exchange instability.
A comparison of trading movements between the two periods highlights the changing market dynamics. In 2025, exchange rate adjustments were sharp and highly volatile, with the cedi moving from GH¢14.15 to the dollar in April 2025 to GH¢10.28 by May 2025 within a relatively short period.
By comparison, 2026 movements have remained narrower and more contained. The cedi traded around GH¢10.95 to the dollar in January 2026 and stood at approximately GH¢11.11 by May 2026, reflecting a more stable trading band despite some weakening from earlier 2026 levels.
The trend points to a currency market that is gradually transitioning away from aggressive recovery conditions toward a more measured and stabilised phase.
However, the scale of decline in appreciation momentum is also notable. The drop from appreciation levels above 40% in 2025 to single-digit gains in 2026 suggests that the exceptional recovery strength observed last year is easing considerably, even though the cedi continues to hold relatively firm against major currencies.
The broader external environment makes the trend more significant. The US Dollar Index remained relatively elevated within the 97 to 100 range throughout much of 2026, indicating that the dollar itself has maintained global strength during the period.
Despite that backdrop, the cedi has continued to post gains, suggesting that domestic foreign exchange conditions and improved market stability may still be supporting the local currency.
The figures indicate that the cedi’s appreciation cycle remains intact in 2026, but at a significantly slower pace than the extraordinary gains recorded a year earlier, reflecting a shift from rapid recovery toward relative currency stabilisation.
