What Moves the Ghana Cedi? A Decomposition of the Main Drivers

Separates foreign-exchange receipts, payments and market conversion from movements in the cedi. Flow reconciliation, monthly proxy models and sensitivity tests show how far the available evidence supports attribution to potential drivers.

98 pages · 1.57 MB · English

About this report

Author: Dr. Felix Larry Essilfie
Publisher: Institute of Development and Economic Research (IDER)
Publication date: September 2026
Evidence cut-off: 2026-09-21
Reference period: Monthly exchange-rate history: 2019–August 2026. Model sample: March 2019–June 2026.
Series: IDER’s Ghana Macroeconomic Policy and Business Intelligence Briefings

Read the evidence in context

No national causal exchange-rate effect is identified. Receipt-growth shares and proxy coefficients are not causal currency shares.

The report’s original source definitions, assumptions and limitations govern its interpretation. References to other institutions do not imply their endorsement.

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