Ghana’s cedi has emerged as the worst performing currency across the African continent in 2026, declining sharply against the US dollar and outpacing losses recorded by every other currency in the region, according to market analyses drawing on data from the London Stock Exchange Group (LSEG).
Reuters reporting on LSEG data attributes the cedi’s slide to sustained corporate demand for foreign exchange, with Ghana’s energy sector identified as a primary driver of the pressure. The currency recorded a year to date decline of approximately 10.28% earlier this month, trading around GHC11.36 to the dollar, before sliding further to close last week at approximately GHC11.61, deepening its cumulative losses.
The performance places the cedi at the bottom of the nine currencies circulating across the West African sub-region, which includes the CFA franc shared among eight member countries of the monetary union.
The continued depreciation has intensified concerns about the widening disconnect between Ghana’s broader economic indicators and the behaviour of the exchange rate. Inflation has eased considerably in recent months and authorities have repeatedly pointed to stability measures taking hold across the economy. Yet foreign exchange demand from importers, businesses and the energy sector continues to exert sustained downward pressure on the local currency.
Traders in some segments of the market have reportedly been dealing at rates above official benchmarks, as the cost of imported goods and services rises progressively for businesses and consumers alike.
Market analysts say persistent demand for dollars and other hard currencies remains the central driver of the cedi’s trajectory, with expectations that the pressure will continue in the near term so long as the underlying corporate demand dynamic remains unresolved.
Policymakers continue pursuing measures aimed at stabilising the economy and sustaining investor confidence in Ghana’s financial markets, though the exchange rate remains a significant vulnerability as the country moves into the second half of 2026.
