UK-based research firm, Fitch Solutions, has projected the Ghana cedi to weaken against the US dollar by 8.0% in 2026.

In its latest 2026 Economic Outlook for Ghana, Fitch said the projected depreciation remains below the cedi's long-term average annual decline of 10.2% recorded between 2010 and 2025, reflecting relatively improved macroeconomic buffers.

Fitch Solutions noted that Ghana's inflation is expected to move higher in the second half of 2026 due to demand-side pressures, but will remain modest by recent standards.

“Indeed, elevated global gold prices and healthy international reserves will limit any undue pressure on the exchange rate in the coming quarters,” it stated.

It further added that the government's quest to raise base pay by 9 percent as stated in its 2026 Budget will support its purchasing.

Cedi selling at GH¢11.49 on Dec 15

“As such, we forecast private consumption growth to stay strong at 6.5% in 2026, contributing 5.3 percentage points to headline real Gross Domestic Product growth,” the firm said.

The cedi, in the first 10 months of 2025, sustained strong appreciation against major trading currencies, gaining 32.2% against the US dollar on the interbank market.

However, the cedi is currently experiencing slight depreciation in the last month of 2025, largely driven by seasonal demand factors and cautious foreign exchange support from the Bank of Ghana.

SP/AE

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