Cedi Records Sharpest Depreciation Among Monitored African Currencies – World Bank
The Ghana cedi recorded the sharpest depreciation among the African currencies monitored by the World Bank during the second quarter of 2026, weakening by nearly 10 percent between March and June. According to the World Bank’s October 2026 Africa Economic Update, the cedi recorded the largest maximum weakening among the 22 currencies tracked as the escalation of the Middle East conflict triggered pressure on exchange rates. It was followed by the currencies of Lesotho, Namibia, South Africa and Eswatini, which weakened by about 7 percent, while the Seychelles rupee, Democratic Republic of Congo franc and Ugandan shilling recorded maximum declines of roughly 7 percent, 6 percent and 5 percent respectively. The World Bank attributed the broad-based pressure partly to higher oil and energy prices, which increased import costs and demand for US dollars, as well as heightened geopolitical uncertainty and capital outflows from emerging and frontier markets.
Despite the sharp decline recorded between March and June, the cedi recovered some ground by August, although it remained weaker than its end-February level. The World Bank said currency pressures across much of Sub-Saharan Africa had eased by the end of August, with only 10 currencies still weaker than their end-February levels. The report noted that the impact varied across economies, with countries heavily dependent on energy imports and facing limited foreign exchange buffers and high debt-service obligations experiencing stronger pressures, while commodity exporters such as South Africa, Angola and Nigeria benefited from stronger export earnings. Overall, the cedi recorded the largest maximum weakening among the currencies monitored during the period before recovering part of its losses by August.
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