Markets & Data

    Cedi Is Worst Sub-Saharan Currency in 2026

    Ghanaian currency has fallen 10.28% year-to-date against the US dollar, driven by high import demand.

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    Ghana's cedi has become the worst-performing currency in sub-Saharan Africa for 2026. Data shows the cedi has fallen by 10.28% against the US dollar this year. This places it at the bottom of currency rankings for the region. The currency's value has been steadily dropping for weeks. The main driver for this slump is strong corporate demand for foreign currency. This demand comes especially from companies in the energy sector. These businesses often need US dollars to pay for imported fuel and equipment. The cedi's sharp decline has continued even after early May reports. It was trading at 11.36 cedis to a dollar and later closed the week at 11.61 cedis to the dollar. This high demand for foreign exchange fuels the cedi's depreciation. This situation is concerning because Ghana has shown some positive economic signs. Inflation has significantly decreased in recent months. However, the cedi's weakness contradicts these broader improvements. This disconnect between good inflation numbers and a falling currency creates anxiety. It makes imported goods more expensive for Ghanaians. The Bank of Ghana has been assuring the public. But traders are already paying much higher rates than official figures on the foreign exchange market. Reuters reports highlight persistent demand for dollars. This demand is the primary reason for the cedi's steady slide. Analysts expect this trend to continue. The London Stock Exchange Group (LSEG) data supports these observations. The cedi's 10.28% year-to-date decline is substantial. It ranks among the continent's steepest depreciations. The implications of the cedi's continued fall are significant. Imported goods will become more expensive. This will likely increase general prices for consumers across Ghana. Businesses relying on imports will face higher operating costs. This could impact their profitability and investment plans. Decision-makers at the Bank of Ghana and the Ministry of Finance will face pressure to address the situation. Market watchers will closely monitor any policy interventions aimed at stabilizing the currency. The sustained FX demand suggests a need for fundamental economic adjustments.

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    Before publication every StatsGH story must report a current, sourced statistic about Ghana, link to its source and not repeat an event we have already covered. Figures are taken from the source report as published and were current on 24 May 2026.

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