The Ghana cedi has posted a strong performance in 2025, appreciating by 21.0% against the US dollar over the first nine months of the year, according to the Bank of Ghana’s September 2025 Summary of Economic and Financial Data.
However, the local currency has experienced notable pressure in recent months, losing approximately 19% of its value between late July and September. This comes after peaking with a 40.5% appreciation as of July 2025.
As of September 2025, the cedi was trading at GH¢12.15 to the US dollar on the interbank market. Earlier in the year, it had recorded substantial gains, appreciating by 43% by May, 42.6% in June, and 40.5% in July, driven by improved market confidence and external support.
The cedi also recorded gains against other major currencies. It appreciated by 6.9% against the euro in September, trading at GH¢14.23, and strengthened by 11.8% against the British pound, also quoted at GH¢14.23. However, similar to its performance against the US dollar, it shed some of these gains between July and September.
Cedi Still Among Best-Performing Global Currencies
Despite the recent pullback, Bank of Ghana Governor Dr. Johnson Asiama maintains that the cedi remains one of the world’s best-performing currencies in 2025. He attributed the recent depreciation to seasonal trade-related pressures and a slowdown in remittance inflows.
Speaking at the opening of the Monetary Policy Committee (MPC) meeting on Monday, September 15, Dr. Asiama noted that while remittances have been weaker than in previous years, the currency’s fundamentals remain relatively strong.
Outlook: Stability Expected as External Support Grows
Looking ahead, market analysts anticipate modest stability for the cedi, underpinned by improved investor sentiment and the expected disbursement of a US$360 million concessional loan from the World Bank. This inflow is expected to bolster Ghana’s foreign exchange reserves and provide further support for the local currency.
Additionally, global monetary policy developments—particularly a potential rate cut by the US Federal Reserve in response to softening labour market data—could influence the cedi’s trajectory in the months ahead.
