Since the third quarter of 2025, the Ghana cedi has recorded one of its biggest gains against the US dollar.

Data from commercial banks indicate that the cedi appreciated by about 5% on the interbank market between October 6 and 10, 2025.

According to the World Bank’s 2025 Africa Pulse Report, the cedi came under sustained pressure during the third quarter. The Bank, however, noted that from January to August 2025, the cedi’s overall performance showed an appreciation of 21% against the dollar, reversing some of its earlier losses.

Cedi tops Africa's currency rankings in 2025 - World Bank

Bank treasurers attribute the cedi’s recent rally to new foreign exchange and monetary policy measures that have improved dollar supply to banks and strengthened the enforcement of foreign exchange regulations.

One of the key drivers was the Bank of Ghana’s decision to revise its forex market interventions, shifting from weekly auctions to spot sales for commercial banks.

The World Bank highlighted that with a year-to-date gain of 20%, the cedi’s strength has been supported by tight fiscal and monetary policies, rising export revenues, and improved market confidence.

During the same period in 2024, the cedi had depreciated by about 19% against the US dollar.

The Bank further noted that the Ghana cedi was the best-performing currency in Africa during the first eight months of 2025.

SP/MA

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