The May 2026 Economic and Financial Summary released by the Bank of Ghana (BoG) has disclosed that the Ghana cedi depreciated by 8.4% against the US dollar during the first five months of 2026.
The decline higher than the 6.6% depreciation recorded over the same period in 2025.
The BoG May 2026 Economic and Financial Summary shows renewed pressure on the local currency despite improvements in several key macroeconomic indicators.
The BoG data disclosed that the cedi weakened from an average mid-rate of 10.95 to the dollar in January to 11.4125 by mid-May 2026.
“The currency came under pressure early in the year, recording a year-to-date depreciation of 4.6 per cent in January before briefly recovering in February”, citinews stated.
The Ghana cedi resumed its downward trend in March and continued deteriorating steadily through April and May.
However, unlike the sharp volatility witnessed in 2025, the 2026 depreciation pattern has been steadier and more sustained.
The Ghana cedi’s decline comes despite relatively bright external fundamentals.
Also, the latest Summary of Economic and Financial Data for May 2026 released by the Bank of Ghana details that Ghana’s total public debt stock increased to GH¢674.1 billion in February 2026.
In terms of dollars, Ghana’s debt stood at $63.1 billion, up from $61.3 billion recorded in December 2025.
Also, Ghana’s debt-to-GDP ratio declined to 42.2% in February 2026 from 44.7% in December 2025.
The latest Summary of Economic and Financial Data for May 2026, released by the Bank of Ghana, however, shows stronger economic growth and improved fiscal performance.
Part of the report cited from citinews read, “The data showed that external debt stood at $29.3 billion in February 2026, representing 19.6% of GDP and remaining broadly unchanged over the period.
Domestic debt, however, continued to rise, increasing to GH¢360.4 billion in February from GH¢341 billion in January.
This accounted for about 22.6% of GDP.
The rise in domestic debt is due to the government’s continued reliance on the local market to finance budget operations and manage the economy”.
Meanwhile, Ghana’s fiscal deficit-to-GDP ratio stood at 0.3% in March 2026, while the primary balance recorded a surplus of 1.2 per cent of GDP.
In other news, the Government of Ghana, led by President John Dramani Mahama, has announced the successful conclusion of Ghana’s Extended Credit Facility programme with the International Monetary Fund (IMF).
According to the Government of Ghana, the country’s plans are to transition away from a financial bailout arrangement toward a non-financing policy support framework.
