Ghana cedi depreciates slightly against US dollar in early February, trades at GH¢10.96

Nii Ayitey Brown 11:58 - 03 February 2026

Cedi edges down to GH¢10.96 at start of February

Ghana’s cedi weakened slightly to GH¢10.96 against the US dollar on the interbank market, reflecting ongoing currency pressures. Analysts highlight the gap between official and retail rates and warn of potential impacts on imports, businesses, and household costs.

Ghana’s local currency, the cedi, opened the first full week of February 2026 under renewed downward pressure against the US dollar, trading at GH¢10.96 to US$1 on the Bank of Ghana’s interbank foreign exchange market, a mild fall of about a pesewa from late January levels.

The small decline in the official interbank rate reflects broader currency dynamics that have seen the cedi fluctuate in recent months, swinging between periods of relative stability and bouts of depreciation.

While the interbank market shows only marginal weakening, the gap between this rate and what ordinary Ghanaians encounter at forex bureaus has widened noticeably.

As of early February, data according to Citi Business News indicate that while the Bank of Ghana quoted the dollar at GH¢10.94 – 10.95, retail foreign exchange bureaus were selling the dollar closer to GH¢12.10.

That more than GH¢1 difference shows the challenge many individuals and small businesses face when accessing foreign exchange at everyday rates, even as official figures suggest stability.

In January 2026, the Bank of Ghana reported that the cedi had lost about 4 per cent of its value to the dollar, compared with December 2025.

The interbank rate moved from around GH¢10.45 to GH¢10.88 over that month, signaling a shift from the strengthening trend the currency recorded last year.

The cedi also weakened against other major currencies, trading at GH¢14.77 to the British pound and GH¢12.80 to the euro, reflecting broader exchange market pressures.

During 2025, the cedi enjoyed a period of marked appreciation, particularly in the first half of the year. A Business & Financial Times analysis noted gains of up to 16 per cent against the US dollar, driven by stronger export receipts (especially gold and cocoa), central bank forex interventions, and improved investor confidence following fiscal reforms.

For ordinary Ghanaians, the immediate effects of these exchange moves are felt most keenly in the prices of imported goods and services. A weaker cedi on retail markets tends to translate into higher costs for fuel, food imports, and other essentials, even if interbank rates show only small changes.

Analysts also point to the need for robust foreign exchange inflows, through exports and remittances, to underpin long‑term stability. The resilience of the cedi will depend on balancing supply and demand for hard currencies while containing inflationary pressures that can erode purchasing power.

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