Ghana’s cedi has depreciated 9.5% against the U.S. dollar since the start of 2026, while the country’s gross international reserves stood at $12.05 billion as of September 22, equivalent to 4.5 months of import cover, Bank of Ghana data showed.
The latest Summary of Economic and Financial Data, released on September 23, showed the cedi trading at 11.55 to the U.S. dollar as of September 18, compared with 10.45 at the end of December 2025.
The currency has also weakened by 9.0% against the pound and 7.3% against the euro on a year-to-date basis. The pound traded at 15.45 cedis while the euro stood at 13.24 cedis as of September 18.
The depreciation contrasts with the strong gains recorded by the cedi in 2025, when it appreciated 40.7% against the dollar, 30.9% against the pound and 24.0% against the euro.
The central bank’s data showed that Ghana’s external position remained supported by a sizeable trade surplus. Cumulative exports reached $22.44 billion in August 2026, compared with imports of $13.59 billion, producing a trade surplus of $8.86 billion, equivalent to 6.7% of GDP.
Gold remained the largest export contributor, with cumulative gold exports reaching $14.86 billion. Cocoa exports stood at $2.76 billion, while oil exports amounted to $2.42 billion.
Gross international reserves, however, declined from $12.94 billion at the end of June to $11.07 billion at the end of August before recovering to $12.05 billion by September 22. Net international reserves stood at $9.03 billion on the same date.
The August reserves position represented 4.2 months of import cover, compared with 5.0 months in June. Under the programme definition, gross reserves stood at $9.05 billion at the end of August, equivalent to 3.4 months of import cover.
Commodity prices provided mixed support to the external sector. International gold prices averaged $4,408 per fine ounce in August, up 2.1% on a year-to-date basis. Cocoa prices averaged $5,989 per tonne, while Brent crude averaged $88.10 per barrel, up 42.9% from the end of 2025.
The Bank of Ghana said external-sector data had been revised to align with the sixth edition of the Balance of Payments and International Investment Position Manual.
