Ghana’s cedi has become Africa’s weakest-performing currency in 2026, depreciating by 11.6 percent against the US dollar as of July 28. This marks a sharp reversal from 2025, when the cedi was the continent’s top performer. Analysts attribute the current decline to a confluence of factors, including elevated global oil prices, increased corporate demand for foreign exchange for early seasonal imports, and significant external debt repayments. Despite these pressures, experts suggest the depreciation is a market correction rather than a sign of structural economic failure, noting that Ghana’s macroeconomic fundamentals remain stronger than during previous crises. The Bank of Ghana has maintained a cautious intervention strategy to balance currency support with its goal of rebuilding international reserves.