The Ghanaian cedi has surged by nearly 50% against the US dollar in 2025, outperforming all other major global currencies.

Starting the year around ₵15 to the dollar, the cedi now trades close to the ₵10 resistance level.

This rapid appreciation has boosted investor confidence as Ghana, Africa’s top gold producer, works to recover from its economic crisis and debt default.

The cedi opened Monday at GH₵10.21, strengthening 7% from Friday’s close of GH₵10.95 to the dollar.

Bloomberg data shows that in 2025, the Ghanaian cedi is the top-performing currency globally.

This dramatic recovery contrasts with 2022, when the cedi was the worst-performing currency, losing more than 55% of its value due to inflation and a debt crisis.

The cedi’s recovery has been supported by falling inflation, which eased to 21.2% in April.

Bank of Ghana Governor Johnson Asiama remains cautious, saying, “Stability doesn’t mean fixation.”

He stressed the importance of balancing a strong currency with maintaining export competitiveness in the domestic market.

The rally, unexpected by some investors, provides a crucial boost as Ghana recovers from a severe economic crisis and debt default.

While the cedi’s strong performance has renewed business confidence, the central bank governor remains cautious, emphasizing that currency management must be flexible and balanced.

The Bank of Ghana has enforced strict monetary measures and intervened in the forex market to stem capital outflows.

In March 2025, it surprised markets with a 100-basis-point hike, raising the policy rate to 28% to tackle inflation and attract foreign investment.

Additionally, the BoG shifted to spot-market forex auctions, moving away from speculative limit-order controls. This change has improved dollar availability for businesses and curbed speculative hoarding.