Fitch Solutions has projected that the Ghana cedi will depreciate by 8.0% against the US dollar in 2026. The UK-based firm noted that this forecasted weakening is still below the currency’s long-term average depreciation of 10.2% recorded between 2010 and 2025.
“Elevated global gold prices and healthy international reserves will help limit any undue pressure on the exchange rate in the coming quarters,” Fitch stated in its article, “2026 Outlook For Ghanaian Economy Remains Robust, Despite Quarter 3 2025 Slowdown.”
The report added that while inflation may pick up slightly in the second half of 2026 due to some demand-side pressures, it is expected to remain modest compared to recent levels, easing strain on household finances.
Fitch also highlighted that the government’s plan, as outlined in the 2026 Budget, to raise public-sector wages by 9.0% will further strengthen purchasing power.
“As a result, we forecast private consumption growth to remain strong at 6.5% in 2026, contributing 5.3 percentage points to headline real GDP growth,” the firm noted.
The cedi recently slipped amid seasonal demand pressures over the past two weeks. In the interbank market, the US dollar-Ghana cedi pair closed at a midrate of GH¢11.41, up from GH¢11.12. Against the pound and euro, the cedi depreciated by 4.62% and 3.87%, ending at GH¢15.26 and GH¢13.32, respectively.
In the retail market, the cedi fell 0.41% to GH¢12.05 against the dollar and lost 0.94% and 1.08% of its value against the pound and euro, closing at GH¢15.90 and GH¢13.95, respectively.
