The cedi has been experiencing a modest but noticeable depreciation against the U.S. dollar over the past days, reflecting a mix of domestic and global market pressures.
According to the Bank of Ghana’s daily rates, the mid-rate for USD/GHS rose from ₵10.67 on 27 February to ₵10.74 by 4 March 2026, signaling a gradual weakening of the local currency.
While the cedi slipped against the dollar, it showed relative strength against other major currencies. The GBP/GHS mid-rate fell from ₵14.41 to ₵14.31, and the EUR/GHS moved from ₵12.58 to ₵12.46, suggesting the cedi held firm versus the pound and euro. The cedi also recorded smaller gains against other international currencies, including the Japanese yen and Swiss franc, reflecting a broad but uneven trend across global markets.
This week’s movement mirrors broader trends from late February. On 23 February, the USD/GHS mid-rate was ₵10.74, after a brief peak earlier in the month. The cedi had strengthened slightly to ₵10.66 by 27 February, before resuming a slow depreciation in early March. Analysts describe this pattern as a currency under moderate pressure, influenced by both global dynamics and domestic monetary conditions rather than sudden shocks.
Global factors are key drivers. Recent market data show the U.S. dollar strengthening across international markets, fueled by safe-haven demand amid escalating Middle East tensions and rising oil prices. The dollar’s firming has contributed to the cedi’s modest depreciation, while the relative stability of the cedi against the euro, pound, and other major currencies reflects less exposure to these particular pressures.
With the Middle East conflict showing no sign of ending, the pressures on the dollar are likely to persist. Should this trend continue, the cedi could face deeper depreciation in the weeks ahead, potentially eroding some of the gains it had made in previous stabilization efforts.
For businesses and households, the cedi’s modest depreciation against the dollar is unlikely to cause immediate disruption. However, it underscores the currency’s vulnerability to global shocks. In the coming weeks, market watchers will be closely observing how far this depreciation extends and how the Bank of Ghana responds in defending the cedi amid continued dollar strength.
