Ghana cedi recorded sharpest depreciation in Africa during Q2 2026

According to the World Bank’s October 2026 Africa Economic Update, Ghana’s cedi was the worst-performing African currency in the second quarter of 2026, losing nearly 10% of its value against the US dollar. This depreciation occurred despite Ghana’s economy growing by 4.8% during that period. The Bank attributed broad-based currency pressure across the continent to the escalation of conflict in the Middle East.

In contrast, Nigeria’s naira showed greater resilience, with a maximum depreciation of only 2.6% between March and June 2026. The World Bank noted that Nigeria’s status as a major crude oil exporter helped bolster foreign exchange inflows and support the currency during periods of high energy prices.

Ghana also faces significant long-term financial obligations, with approximately US$6.4 billion in sovereign Eurobond principal maturities expected between 2027 and 2030. While recent debt restructuring and fiscal adjustments have improved market sentiment and lowered sovereign spreads, the country continues to manage high financing costs and currency volatility.