The Ghana cedi has emerged as the fourth best performing currency in Africa, according to recent data. As of 2025, the cedi’s value stood at GH¢10.93 per US dollar, making it one of the strongest currencies on the continent. This ranking is based on the currency’s performance relative to the US dollar, with the Tunisia dinar taking the top spot at 2.90 per US dollar, followed by the Libyan dinar and Morocco dirham in second and third place, respectively.
The top 10 performing currencies in Africa also included the Botswana pula, Seychelles rupee, Eritrea nakfa, and Swaziland lilangeni, which ranked fifth, sixth, seventh, and eighth, respectively. The South Africa rand and Namibia dollar rounded out the list, coming in ninth and tenth place. The World Bank attributes the cedi’s strong performance to a combination of factors, including tight monetary and fiscal policies, increased export revenues driven by higher gold and cocoa prices, and improved market sentiment.
In 2025, the cedi appreciated by a record 27.75 percent against the US dollar in the retail market, trading at GH¢12.30 to one US dollar at the forex bureau. The Bank of Ghana quoted a slightly stronger rate of GH¢10.45 to one US dollar. The International Monetary Fund (IMF) has noted that the Bank of Ghana has been actively managing the foreign exchange market, increasing its presence and intermediary role. This effort has been supported by stronger balance of payments inflows, primarily driven by the Domestic Gold Purchasing Programme, as well as cocoa inflows and repatriation requirements for extractive sector export proceeds.
The cedi’s strong performance in 2025 reflects a positive trend for Ghana’s economy, driven by a combination of prudent economic management and favorable external factors. As the country continues to navigate the complexities of global trade and finance, the cedi’s stability and strength will remain a key indicator of its economic health. With the Bank of Ghana playing an increasingly active role in managing the foreign exchange market, it is likely that the cedi will remain a closely watched currency in the region.
