# Ghana macro stability, debt restructuring, inflation trends > Live situation record from CLSTR: https://clstr.news/situations/ghanas-cedi-continues-to-weaken-as-the-reference-rate-falls-in-may-2026 > Updated: 2026-09-09T14:09:06.000Z. Sources: 50. Developments: 32. Following the completion of the sovereign bonded-debt restructuring in July 2026, the Bank of Ghana (BoG) has reaffirmed its commitment to protecting the cedi and maintaining low inflation. By July 2026, annual inflation fell to 4.6%, driven by easing food prices. Economic growth in May 2026 was reported at 5.1%, with the services sector leading at 7.2%. The cedi has experienced significant volatility. After a period of appreciation in early 2026, the currency strengthened from an interbank buying rate of GHS 11.75 on August 10 to GHS 10.94 by August 17. This recovery was supported by increased foreign exchange supply from the mining and cocoa sectors, as well as the BoG’s Gold Purchase Programme. However, the cedi weakened on August 19, with forex bureau selling rates hitting GHS 12.25. By August 27, the cedi showed mixed performance, weakening against the US dollar and euro while strengthening against the pound. The dollar's strength was attributed to international market performance as investors awaited a speech by Federal Reserve Chair Kevin Warsh. In August 2026, Ghana's headline year-on-year inflation rose to 5.0% from 4.6% in July, driven primarily by non-food items, which accounted for 70.9% of inflation. While overall food inflation eased to 3.0%, specific commodities saw massive surges, including fresh tomato prices, which rose 158.3% year-on-year, and ginger at 128.3%. Despite these spikes, imported inflation remained low at 2.2%, suggesting exchange-rate stability is helping contain costs for foreign goods. By early September 2026, inflation drivers shifted. Housing, water, and energy became the primary drivers, accounting for 29.4% of the total inflation rate, rising from 8.3% in July to 11.6% in August. Services inflation reached 8.6%, more than double the 3.8% recorded for goods. Conversely, the Western, Bono East, and Savannah regions recorded negative inflation for the second consecutive month. ## Timeline ### 2026-09-09: Ghanaian cedi depreciates 1.06% amid rising oil prices Ghana’s cedi has depreciated about 1.06% against the US dollar in a week, facing potential new pressure from rising Brent crude prices exceeding US$100 per barrel. 2 sources. https://clstr.news/cluster/ghanaian-cedi-depreciates-106-amid-rising-oil-prices ### 2026-09-06: Ghana cedi weakens amid rising African foreign exchange pressure The Ghana cedi and Ugandan shilling are facing renewed foreign exchange pressure as demand for the US dollar rises due to import financing, energy sector needs, and investor repatriation. 3 sources. https://clstr.news/cluster/ghana-cedi-weakens-amid-rising-african-foreign-exchange-pressure ### 2026-09-05: Ghana inflation driven by housing, water, and energy costs Ghana's August 2026 inflation was driven largely by housing, water, and energy (29.4%), though the Western, Bono East, and Savannah regions experienced a second month of falling prices. 2 sources. https://clstr.news/cluster/ghana-inflation-driven-by-housing-water-and-energy-costs ### 2026-09-02: Ghana and Philippines report mixed inflation trends for August Ghana saw a 158.3% surge in fresh tomato prices in August, while headline inflation rose to 5.0%. Meanwhile, Philippine inflation slowed to 6.1%, though rice prices continued to climb. 7 sources. https://clstr.news/cluster/ghanas-benchmark-lending-rate-drops-to-1018-amid-economic-recovery ### 2026-08-27: Ghana cedi weakens against US dollar and euro The Ghana cedi weakened against the US dollar and euro but gained against the pound sterling on August 27, 2026, amid global dollar strength and anticipation of US Federal Reserve policy signals. 7 sources. https://clstr.news/cluster/ghana-cedi-weakens-against-us-dollar-and-euro ### 2026-08-19: Ghana cedi weakens against US dollar as forex rates rise The Ghanaian cedi weakened against the US dollar, reaching a selling rate of GHS 12.25 at forex bureaus, amid discussions on the sustainability of currency fluctuations and central bank interventions. 3 sources. https://clstr.news/cluster/ghana-cedi-weakens-against-us-dollar-as-forex-rates-rise ### 2026-08-19: Bank of Ghana Governor cites inflation outlook for rate decisions Bank of Ghana Governor Dr. Johnson Asiama says the MPC prioritizes the inflation outlook and Middle East tensions when setting policy rates, moving to majority voting to ensure member independence. 2 sources. https://clstr.news/cluster/bank-of-ghana-governor-cites-inflation-outlook-for-rate-decisions ### 2026-08-17: Ghana cedi appreciates against US dollar to GHS 10.94 The Ghana cedi appreciated by approximately 6.9 per cent against the US dollar in one week, rising to an interbank buying rate of GHS 10.94 by August 17, supported by mining sector inflows and central bank data 6 sources. https://clstr.news/cluster/ghana-cedi-appreciates-against-us-dollar-to-ghs-1094 ### 2026-08-14: Ghanaian Cedi appreciates against US dollar amid economic recovery The Ghanaian Cedi continues to appreciate against the US dollar, driven by aggressive monetary policy, gold reserves, and rebounding cocoa production following IMF-supported fiscal reforms. 2 sources. https://clstr.news/cluster/ghanaian-cedi-appreciates-against-us-dollar-amid-economic-recovery ### 2026-08-12: Economic trends show shifting inflation and growth in Ghana, India, and Nigeria Ghana, India, and Nigeria report varying economic trends, including easing inflation in Ghana and India, and projected disinflation in Nigeria, alongside shifts in sectoral growth and currency interventions. 7 sources. https://clstr.news/cluster/bank-of-ghana-reports-credit-surge-and-8bn-fx-intervention ### 2026-08-09: Bank of Ghana pledges to protect cedi amid IMF warnings The Bank of Ghana aims to stabilize the cedi and control inflation, while the IMF advises caution on interest rate cuts and urges sustained electricity tariff adjustments to manage fiscal risks. 8 sources. https://clstr.news/cluster/imf-advises-bank-of-ghana-to-exercise-caution-on-rate-cuts ### 2026-08-06: Ghana Inflation Drops to 4.6% in July, Strengthening Economic Outlook Ghana's July 2026 inflation fell to 4.6%, with food prices slipping, while the Bank of Ghana reports 6.4% Q1 growth and a positive outlook despite global risks. 7 sources. https://clstr.news/cluster/ghana-inflation-drops-to-46-in-july-strengthening-economic-outlook ### 2026-07-31: Ghana's Central Bank Keeps Cautious Policy as Inflation Risks and Recovery Challenges Loom Ghana's central bank keeps a cautious 14% policy rate amid inflation risks, while experts warn that recovery must improve jobs and living standards despite macro gains. 2 sources. https://clstr.news/cluster/ghanas-central-bank-keeps-cautious-policy-as-inflation-risks-and-recovery-challenges-loom ### 2026-07-29: PwC warns high lending rates could stall Ghana's economic recovery PwC says Ghana's inflation drop and lower policy rate are insufficient while commercial loan rates stay near 17.6%, threatening investment and job growth. 3 sources. https://clstr.news/cluster/pwc-warns-high-lending-rates-could-stall-ghanas-economic-recovery ### 2026-07-29: Bank of Ghana Keeps Policy Rate at 14% Amid Inflation Concerns Ghana’s central bank kept its policy rate at 14% after a unanimous MPC vote, citing inflation uncertainty and external risks, a move seen as supportive for the stock market. 4 sources. https://clstr.news/cluster/bank-of-ghana-keeps-policy-rate-at-14-amid-inflation-concerns ### 2026-07-23: Ghana cedi slides nearly 10% against the dollar in July 2026 In July 2026 the Ghana cedi fell about 9.5% against the US dollar in the interbank market, reaching GH¢12.20 per dollar, while retail rates stayed roughly stable. 2 sources. https://clstr.news/cluster/ghana-cedi-slides-nearly-10-against-the-dollar-in-july-2026 ### 2026-07-22: Ghana Central Bank Keeps Rate Steady as US‑Iran Conflict Fuels Inflation Risk Ghana’s central bank held its key rate steady, citing rising inflation risks from the renewed US‑Iran conflict. 2 sources. https://clstr.news/cluster/ghana-central-bank-keeps-rate-steady-as-usiran-conflict-fuels-inflation-risk ### 2026-07-20: Bank of Ghana's Monetary Policy Committee meets to review policy rate Ghana's MPC met July 20‑22, 2026 to review inflation, cedi stability and external risks, likely keeping the 14% policy rate amid Middle East tensions. 4 sources. https://clstr.news/cluster/bank-of-ghanas-monetary-policy-committee-meets-to-review-policy-rate ### 2026-07-20: Bank of Ghana releases weekly interbank FX rates, cedi at GH¢11.55 per US$ Bank of Ghana published its weekly interbank FX rates, showing the cedi at GH¢11.55 per US$, with updated rates for the pound, euro, yuan and other major and regional currencies. 3 sources. https://clstr.news/cluster/bank-of-ghana-releases-weekly-interbank-fx-rates-cedi-at-gh1155-per-us ### 2026-07-13: Ghana completes final stage of external debt restructuring Ghana completed the exchange of its remaining SADEREA Notes on 13 July 2026, ending the last phase of its external debt restructuring, boosting investor confidence and macro‑economic stability while warning of短 7 sources. https://clstr.news/cluster/ghana-faces-debtservice-pressure-and-a-weaker-cedi-as-fiscal-recovery-unfolds ### 2026-07-09: Ghana Shifts to Growth Phase as Economy Records 4.7% Expansion in April Ghana's finance minister says the country will shift from fiscal consolidation to growth, and April 2026 data shows a 4.7% YoY expansion led by services and mining. 2 sources. https://clstr.news/cluster/ghana-shifts-to-growth-phase-as-economy-records-47-expansion-in-april ### 2026-07-07: Ghana cedi expected to stay stable as PwC cites central bank interventions PwC predicts Ghana's cedi will stay stable after the central bank injected $2.01 bn in June 2026, and expects the policy rate to remain unchanged. 3 sources. https://clstr.news/cluster/ghana-cedi-expected-to-stay-stable-as-pwc-cites-central-bank-interventions ### 2026-07-07: Ghana inflation may dip below 5% in July as banks face profit pressure from falling rates Databank forecasts Ghana's July inflation drop below 5%, while a PwC survey flags profit pressure on banks as interest rates fall sharply. 3 sources. https://clstr.news/cluster/ghana-inflation-may-dip-below-5-in-july-as-banks-face-profit-pressure-from-falling-rates ### 2026-07-02: Inflation climbs in Ghana and Nigeria as prices surge Ghana’s inflation hit 5.3% in June, while Nigeria’s forecast June inflation is 15.95%, driven by food price shifts and lower fuel costs. 3 sources. https://clstr.news/cluster/inflation-climbs-in-ghana-and-nigeria-as-prices-surge ### 2026-06-25: Ghana's Growth to 4.7% in 2027, Inflation 12.8%, Fitch Says Fitch forecasts Ghana’s inflation averaging 12.8% in 2027 and growth slowing to 4.7%, citing debt‑service pressure, weaker oil/cocoa output and possible U.S. Fed tightening. 7 sources. https://clstr.news/cluster/ghanas-growth-outlook-trimmed-as-fitch-cuts-forecast-amid-fiscal-strain ### 2026-06-21: Ghana Holds Africa’s Highest Lending Rate Despite Major Policy Rate Cuts Ghana tops Africa with a 16.33% average lending rate in April 2026, despite cutting its policy rate from 28% to 14% and keeping it steady amid inflation concerns. 3 sources. https://clstr.news/cluster/ghana-holds-africas-highest-lending-rate-despite-major-policy-rate-cuts ### 2026-06-12: Ghana Inflation Near 30‑Year Low as Recovery Faces New Price Pressures Ghana's inflation fell to ~3.4% in May 2026, prompting rate cuts and a 73% stock market rally, while gold earnings boost reserves; however, global commodity price spikes are stirring new consumer and producer‑p 2 sources. https://clstr.news/cluster/ghana-inflation-near-30year-low-as-recovery-faces-new-price-pressures ### 2026-06-08: Bank of Ghana tightens policy as May inflation rises, cautions media on currency coverage May inflation in Ghana rose to 3.7% y/y, prompting the Bank of Ghana to hold rates at 14% and replace the cash‑reserve ratio, while Deputy Governor Asante‑Asiedu warned journalists against sensational currency‑ 3 sources. https://clstr.news/cluster/bank-of-ghana-tightens-policy-as-may-inflation-rises-cautions-media-on-currency-coverage ### 2026-06-03: Ghana inflation expected to stay below 5% through 2026 as central bank holds rates Ghana’s finance minister expects inflation below 5% by 2026; May data shows a 3.7% rise driven by food and fuel costs, with the central bank holding rates at 14% and targeting 6‑10% by year‑end. 3 sources. https://clstr.news/cluster/ghana-inflation-expected-to-stay-below-5-through-2026-as-central-bank-holds-rates ### 2026-05-25: Ghana’s macro gains hide cost‑of‑living pressures and cedi weakness Despite falling inflation and improved debt metrics, Ghana’s cedi has lost over 10% against the dollar as structural imbalances keep cost‑of‑living pressures high, economist Isaac Boadi warned. 2 sources. https://clstr.news/cluster/ghanas-macro-gains-hide-costofliving-pressures-and-cedi-weakness ### 2026-05-04: Ghana Reference Rate drops to 10.03% as cedi weakens slightly against dollar Ghana’s Reference Rate fell to 10.03% and the cedi slipped modestly against the dollar in May 2026. 2 sources. https://clstr.news/cluster/ghana-reference-rate-drops-to-1003-as-cedi-weakens-slightly-against-dollar ### 2026-04-27: Ghanaian cedi weakens against dollar in forex and interbank markets Ghanaian cedi weakens against the dollar in forex and interbank markets, with interbank around 11.10–11.12 and forex market at 12.15. 2 sources. https://clstr.news/cluster/ghanaian-cedi-weakens-against-dollar-in-forex-and-interbank-markets --- Cite as: Ghana macro stability, debt restructuring, inflation trends. CLSTR, https://clstr.news/situations/ghanas-cedi-continues-to-weaken-as-the-reference-rate-falls-in-may-2026