Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, explained that it is normal for the Cedi to have short-term drops in value. He said that market speculation and talk can influence how the currency behaves. Ghana uses a managed floating exchange rate system, which means the rate can change when the market is unstable.
The goal is to prevent extreme swings in the Cedi’s value. If you notice the Cedi moving up or down, it is usually nothing to worry about. Many factors can affect the Cedi at any time, such as short-term events, uncertainty, speculation, and general market activity.
These can move the exchange rate even if nothing is fundamentally wrong. If these changes continue for a long time, then it may be a cause for concern. Asiama said, “We’re definitely keeping an eye on what’s happening,” during the 128th Monetary Policy Committee press conference in Accra.
“The market is really leading the way right now, and we’ve already rolled out quite a few changes to how our financial markets operate.” The Bank of Ghana’s latest Economic and Financial Data for January 2026 shows the Cedi has lost value against major global currencies this year. The data shows the Cedi traded at GH¢10 on the interbank market.
The exchange rate is expected to reach 88 to the US dollar in January 2026, up from GHK10. At the end of December 2025, it was about 45, meaning it dropped by about 4 percent. The Cedi also weakened against other major currencies, falling by 4.9 percent against the British pound and 4.1 percent against the euro.
During this period, the Cedi traded at GH¢14, and about 77 to the pound and 80 to the euro in the bank market. In recent weeks, the Cedi’s value has varied across different parts of the foreign exchange market. In stores, it was around GH¢12 to the dollar, showing strong demand.
The dollar moved slightly, dropping from GH¢11.90 to 12 Cedis. The Cedi ended at about 15, while the pound and euro rose to about GH¢16. Analysts say the drop in value this January is normal. It is partly due to the higher demand for foreign currency at the start of the year and people adjusting their investments.
The Cedi is also sensitive to global financial trends. The recent drop is not large, especially compared to the sharp rise in 2025.
Early this year looks different from last year, when the Cedi made a strong recovery. After falling by 3.9 percent in January 2025 and continuing to drop in February and March, the currency rebounded in April.
By May 2025, the Cedi had gained about 43 percent against the dollar, thanks to improved investor confidence, more foreign investment, and better policy coordination. The Cedi stayed strong for the rest of 2025, ending the year with a 40.7 percent gain.
Bank of Ghana data also shows that Ghana’s public debt situation improved in November 2025, giving hope to investors and businesses after years of financial challenges.
Total public debt was GH¢644.6 billion by November 2025, about 45.5 percent of the country’s GDP. Public debt fell by about GH¢40 billion from September to November 2025, as the government borrowed less and managed funds better.
The public debt dropped to $57.2 billion in November, mainly due to changes in valuation rather than new borrowing. External debt also decreased, reaching about US$29.3 billion, or 23.3 percent of GDP.
