Decline in external buffers complicates foreign exchange outlook – IC Insights

The Ghana cedi was the worst currency in Africa, depreciating nearly 10% against the US dollar between March 2026 and June 2026, the World Bank revealed in its October 2026 Africa Economic Update.

According to the firm, the weaker foreign exchange reserves highlight Ghana’s external vulnerabilities, with the rebuilding of reserves targeted as a key priority in the months ahead.“We think the former will be a priority while the USDGHS [US dollar/Ghana cedi] continues to adjust in line with inflation momentum and will likely drift faster if the projected current account deficit in 3Q2026 [quarter 3 2026] materialises.