Ghana’s cedi held strong in 2025, recording a 32.2% surge against the US dollar in the first eleven months, closing November at GH¢11.12 per dollar on the interbank market.
Despite some recent softening due to rising corporate foreign exchange demand and seasonal year-end pressures, the cedi remains one of the strongest-performing currencies in the region. It also gained significantly against the euro and the British pound, appreciating 18.8% and 26.4%, respectively.
The cedi’s earlier surge in 2025 was historic, with appreciation of over 40% from May through July, followed by some relinquishing of gains between July and September before stabilizing in October. This remarkable performance is attributed to tight fiscal and monetary policies, improved foreign exchange supply, increased investor confidence, and rising export revenues, especially from gold.
The Bank of Ghana’s interventions to regulate the foreign exchange market and enforce foreign exchange regulations have also supported this trend.
Recent data show that the cedi’s year-to-date appreciation of 32.2% marks a slight moderation compared to earlier months, with the pace dipping from 34.4% in October and 18.4% in September. Retail rates averaged GH¢12.10 to the dollar in November, reflecting some depreciation from earlier in the year’s gains but still illustrating overall resilience.
Overall, the cedi’s strong run in 2025 has helped reduce imported inflation and bolster investor confidence in Ghana’s economy, representing a remarkable turnaround from its previous status as a weaker currency in sub-Saharan Africa.
This summary is based on data from the Bank of Ghana’s November 2025 report and recent market analyses of the cedi’s exchange performance in 2025.
Story by: Mercy Addai Turkson #ahotoronline.com