Ghana’s Cedi Expected to End 2026 Around GH¢12.85 to the Dollar

West Africa WeeklyMarch 3, 20261 Mins read43

The Ghanaian cedi is projected to hold relatively steady against the United States dollar through 2026, with analysts forecasting a moderate depreciation by year’s end.

According to Databank Research, in its 2026 Economic Outlook report, the local currency is expected to trade around GH¢12.85 to one dollar by December 2026. This projection represents a depreciation of about 7.2 percent over the course of the year. The forecast assumes that the economy avoids major shocks and that current reforms continue to support currency stability.

The outlook takes into account several factors that are likely to influence exchange rate dynamics. Pressure from bulk importers, energy sector payments and obligations on Eurobond maturities are expected to weigh on demand for foreign exchange. At the same time, ongoing reforms in the small-scale mining sector and continued gold inflows are expected to help cushion downward pressure on the currency.

Databank’s projection also assumes regular monthly inflows of approximately GH¢750 million from the Ghana Gold Board, which has begun purchasing gold from artisanal and small-scale miners to formalise the sector and boost foreign exchange reserves. The Bank of Ghana is expected to intervene selectively in the forex market to smooth volatility where needed.

Economists say that while the cedi may experience mild depreciation, a stable outlook reflects confidence in economic reforms and the country’s ability to manage external pressures through diversified revenue streams and stronger reserves.