A couple of people have encouraged me to post this as an answer, so here goes. I am currently without a copy of Helemskii's Pink Book so I can't give chapter-and-verse references as I would have liked. Everything that follows should be somewhere in there, although perhaps expressed slightly differently, and probably slightly better. Certainly what follows is too wordy, but I haven't had time to work out a condensed version.
To recap: Piotr is asking about the continuous Hochschild cohomology groups ${\mathcal H}^n(A,X)$ where $A$ is a Banach algebra and $X$ a Banach $A$-bimodule. To simplify the discussion slightly, I shall assume that $A$ has an identity element (which is indeed the case if $A$ is one of the usual convolution-type algebras associated to a discrete group) and that $X$ is unit-linked, i.e. that the identity of $A$ acts as the identity operator on $X$.
Conceptual/abstract POV (Helemskian)
As in the classical theory of Cartan-Eilenberg vintage, (continuous) Hochschild cohomology can be expressed in terms of relative Ext. One way to approach this, as Helemskii does, is to introduce the enveloping algebra $A^e$ of a unital Banach algebra $A$.
This has underlying Banach space $A\hat{\otimes} A$ (projective tensor product) and has multiplication defined by $(a\otimes b)\cdot (c\otimes d) = (ab\otimes dc)$.
(The definition is slightly different for the non-unital case, and the artificial dichotomy that arises in places in the Pink Book is something that vexes some of us. But I digress...)
The purpose of doing this is as follows: every Banach $A$-bimodule $X$ becomes a left Banach $A^e$-module via $(a\otimes b)\cdot x = axb$; and conversely, every left Banach $A^e$-module becomes a Banach $A$-bimodule via the same formula. Now, taking as read the definition of relative Ext that is given in the Pink Book, we have
$$ {\mathcal H}^n(A,X) \cong \operatorname{Ext}_{A^e}^n (A,X) $$
This is an isomorphism of seminormed spaces for each $n$ (I guess it would be more precise to say an isomorphism of seminormed-space-valued $\delta$-functors or some such high-falutin' phrase)
Now, recall that if $B$ is a Banach algebra, then a left Banach $B$-module $X$ is said to be (relatively) $B$-injective if it satisfies the following:
whenever $N$ is a left Banach $B$-module and $M$ is a closed $B$-submodule of $N$ which is complemented as a Banach subspace, then each continuous linear $B$-module map $M\to X$ has a continuous linear extension to a $B$-module map $N\to X$.
Moreover, if $X$ is relatively $B$-injective then $\operatorname{Ext}_B^n(\cdot,X)=0$ for each $n\geq 1$. (The converse also holds, in fact.) Therefore:
if $X$ is relatively $A^e$-injective, then ${\mathcal H}^n(A,X)=0$ for all $n\geq 1$.
The get-your-hands-dirty approach (Johnsonite)
We continue to suppose that $A$ has an identity element. Now let $E$ be any Banach space and equip $V_E :={\mathcal L}(A\hat\otimes A, E)$ with the following natural $A$-bimodule structure:
$$ (b\cdot T \cdot a)(c\otimes d) = T(ac\otimes db) \quad\quad(T\in V_E). $$
Claim: ${\mathcal H}^n(A,V_E)=0$ for all $n\geq 1$.
This is most easily proved by proving something stronger:
Exercise: Let $\delta: {\mathcal C}^n(A,V_E)\to {\mathcal C}^{n+1}(A,V_E)$ denote the Hochschild coboundary operator. Define $\sigma: {\mathcal C}^{n+1}(A,V_E) \to {\mathcal C}^n(A,V_E)$ by
$$ [\sigma\psi(a_1,\dots,a_n)]{(c\otimes d)} = [\psi(d,a_1,\dots, a_n)]{(c\otimes 1)}. $$
Then $\delta\sigma(\psi)+\sigma\delta(\psi) =\psi$ for every $\psi\in\mathcal C^k(A,V_E)$.
We now observe the following: if $V$ is any Banach $A$-bimodule, and it can be written as $V\cong X\oplus Y$ where $X$ and $Y$ are closed $A$-sub-bimodules of $V$, then
$$ {\mathcal H}^n(A,V) \cong {\mathcal H}^n(A,X) \oplus {\mathcal H}^n(A,Y) \quad\hbox{for all $n$.} $$
One can check this directly or appeal to the long exact sequence of Hochschild cohomology (which is a special case of the one for relative Ext).
Finally, for each Banach $A$-bimodule $X$ there is a canonical $A$-bimodule map $J:X\to V_X$ which is defined by $[J(x)](c\otimes d) = dxc$. Therefore:
If there exists an $A$-bimodule map $P:V_X\to X$ such that $PJ$ is the identity, then ${\mathcal H}^n(A, X)=0$ for all $n\geq 1$.
Clowns to the left of me, jokers to the right
As may be apparent to anyone who's read this far: the two conditions we have obtained on $X$, each of which implies that Hochschild cohomology with coefficients in $X$ vanishes, are one and the same condition. [The calculations in the second version actually show that $V_E$ is $A$-bi-injective - meaning the same as $A^e$-injective. This relied on $A$ having an identity element! Then, knowing that a complemented submodule of an injective module is injective, we see that the second condition implies $X$ is $A$-bi-injective.] The nice thing about the direct approach is that it gives one explicit formulas one can try even in settings where the coefficient module is not bi-injective (see for instance my first excuse for a paper ). Personally I think it is good to have both points of view.
It should lastly be noted that almost none of the above actually used analysis - everything is taken care of by working in a particular category with a particular tensor product. So what I have just written out is no more than was known at the time of Cartan-Eilenberg.
