The Ghana Cedi (GHS) has been the best-performing currency in Africa and globally in 2025, posting the strongest gain against the US Dollar (USD). As of June 25, 2025, the interbank mid-rate for USD/GHS was 10.32, according to the Bank of Ghana.
This leap is no coincidence, it is a product of months of structural reforms, improved macroeconomic stability, and bold monetary policy. The Ghana International Trade and Finance Conference (GITFiC) has projected that the Cedi will appreciate a massive 28.94% in 2025 compared to its 2024 average.
Several key drivers are behind the Cedi’s rally, starting with Ghana’s successful debt restructuring programme. With 85% participation in its domestic debt exchange and deals secured with bilateral creditors worth $5.4 billion and Eurobond holders totaling $13 billion, investor confidence has sharply rebounded.
The second vital force is the rise in exports of commodities, primarily gold and cocoa, Ghana’s economic mainstays. Gold reserves rose from 22.3 tonnes to 31.2 tonnes as of April 2025, supporting foreign exchange reserves and the currency’s external profile.
The Bank of Ghana (BoG) has also played a critical role, injecting over $490 million into the forex market. The move alleviated short-term demand pressures and stabilized exchange rate volatility during the first half of the year.
At the policy level, the monetary policy rate has been held at 28%, anchoring inflation expectations and preserving price stability. The adoption of a weighted median of interbank transactions by the BoG in determining daily rates has improved pricing transparency and market efficiency.
These fiscal and monetary policies are also supported by less speculative trade activity thanks to recent regulations. This has created an additional layer of stability in the exchange rate market, limiting sudden changes based on market sentiment.
GITFiC projects a 2025 average exchange rate of 10.02 GHS/USD, within a range of 7.09 and 13.16, indicating strength and potential volatility. The spot rate stood at 11.11 GHS/USD as of May 26, reaffirming a steady appreciation trend from its weakest point of 16.44 GHS/USD in late 2024.
In a year of geopolitical risk and sluggish emerging markets, Ghana’s currency policy is a beacon of hope to other African economies. Not only is the performance of the Cedi in 2025 a currency success story, but it is also a testament to what can be achieved with good policy, tough decisions, and market discipline.
