BoG allays fears over cedi depreciation after 2025 gains

The Bank of Ghana (BoG) has responded to market concerns over the cedi’s sharp depreciation against the US dollar, following months of steady appreciation in 2025.

According to the Governor of the BoG, Dr Johnson Asiama, the depreciation recorded in the first three weeks of January 2026 does not pose a threat to the country’s fiscal position.

The cedi lost 4.0% in value against the US dollar in the first month of 2026. On the Bank of Ghana’s interbank exchange market, the cedi, on January 28, 2026, fell by 2 pesewas to trade at GH¢10.92 to the dollar.

Cedi falls by 2 pesewas, trading at GH¢10.92 to the dollar

Speaking at the 128th Monetary Policy Committee press briefing on January 28, 2026, Dr Asiama said the depreciation recorded in January should not be cause for alarm, noting that such movements are typical at the start of every year.

“Don’t get worried if you see the cedi moving a little bit. It is normal. Speculative behaviour can move the cedi,” he said.

Dr Asiama emphasised that the fundamentals of the economy remain strong, and current exchange rate trends are not expected to undermine price stability or economic performance.

The early depreciation has been attributed to a combination of seasonal foreign exchange demand, portfolio rebalancing by investors at the beginning of the year, and sensitivity to global financial conditions.

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