Slump continues as cedi becomes worst-performing currency in sub-Saharan Africa in 2026
Ghana's cedi has become the worst-performing currency in sub-Saharan Africa in 2026. According to multiple analyses, including publications by Reuters using data from the London Stock Exchange Group (LSEG), the cedi has suffered a steady decline so far in 2026, thereby assuming the unenviable position of the worst-performing currency in West Africa on a year-to-date basis.
At the time of the reports last week, the cedi had declined by 10.28% year-to-date, trading at 11.36 cedis to the dollar. A Reuters report predicted a further decline in the week ahead, stating that "Ghana's cedi is being dragged down by persistent corporate foreign-currency demand, particularly from the energy sector." The slump continued, as the cedi closed trading last week at a further depreciated rate of 11.61 to the dollar, maintaining its high year-to-date percentage decline among West African currencies. The cedi is one of nine currencies in West Africa.
The cedi has recorded the biggest year-to-date decline of 10.28% as of the beginning of May among the currencies in West Africa. The continuous decline of the cedi contradicts recent positive economic indicators. As the Reuters report noted, demand for forex from importers is fueling a "steady" slide of the cedi. The report concluded that the cedi "is on a depreciating path due to persistent FX demand, with traders expecting the trend to continue."
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The Ghanaian cedi's struggles continue into 2026, sparking concerns in the business sector. Despite some positive economic signs, the currency's performance raises questions about its stability - and the potential impact.
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