The Ghana cedi’s recent recovery against the US dollar has significantly improved its performance for the year, cutting its year-to-date depreciation to 4.09%, according to market data cited by Joy Business.

That is a sharp improvement from the 10.4% depreciation recorded at the end of July 2026.

The cedi has also strengthened on both a weekly and monthly basis, extending its positive run during the week of August 10 to 11, 2026.

Market data and information from the Bank of Ghana suggest the currency could maintain some of these gains in the coming weeks.

The improvement has been linked to stronger foreign exchange intermediation and support from the Bank of Ghana. Foreign currency inflows from the extractive sector have also helped improve supply on the market.

At the same time, offshore investors have shown increased demand for Ghana’s local bonds, providing additional support for the cedi.

Market participants have also pointed to lower demand for foreign currency as another factor helping the cedi regain ground against the dollar.

Senior Finance Lecturer at the University of Ghana Business School, Dr Benjamin Amoah, told Joy Business that he expects the cedi’s positive performance to continue.

He attributed his outlook partly to the Foreign Exchange Management Framework currently being implemented by the Bank of Ghana.

The latest gains represent a major turnaround from the first half of 2026, when strong demand for the US dollar placed significant pressure on the local currency and pushed its year-to-date depreciation higher.

With foreign exchange supply improving and demand pressures easing, the cedi has recovered a significant portion of the losses recorded earlier in the year.