The Central Bank of Ghana noted “increased volatility” in the foreign exchange market during the first months of the year. Thus, foreign exchange reserves were hit by a decline.

Ghana's gross international reserves stood at $9,547.96 million at end-February 2022, representing 4.3 months of imports of goods and services, compared to $9,695.22 million at end-December 2021, covering 4.4 months import coverage. This "increased volatility" in the foreign exchange market during the first months of the year is due to "demand pressures from offshore secondary market activities, corporate sectors, oil importers", but also the consequences of the downgrading of the country's rating by the rating agencies.

Thus, the Ghanaian cedi depreciated by 14.6% against the US dollar and by 11.6% each against the British pound and the euro during the year ending March 15, 2022. In comparison, the local currency had appreciated by 0.6% and 3.4% against the US dollar and the euro, and depreciated by 1% against the pound sterling during the same period in 2021.