Ghana Cedi Surges 32% Against Dollar in 2025: Strongest Performance in West Africa

Ghana’s cedi has continued its remarkable upward trajectory in 2025, recording a 32.2% appreciation against the US dollar on the interbank market over the first eleven months of the year. According to the Bank of Ghana’s November 2025 Summary of Economic and Financial Data, the local currency closed the month at GH¢11.12 to the dollar, while retail rates averaged GH¢12.10.

The cedi’s performance remains one of the strongest in the West African region, reflecting a sustained period of investor confidence. While the pace of growth has slowed slightly in recent months, the currency’s year-to-date gains are still impressive, following a historic rally earlier in the year. Between May and July, the cedi surged by over 40%, hitting record gains of 43% in May and maintaining similar levels in June and July.

Despite some pressures between July and September, which caused the currency to surrender part of its earlier strength, the cedi stabilized in October, demonstrating resilience in a challenging economic environment. Analysts note that seasonal and corporate foreign exchange demands have contributed to minor fluctuations, with the cedi slipping 1.80% on the interbank market in recent weeks.

The cedi’s strength is not limited to the US dollar. In the same period, it gained 18.8% against the euro, trading at GH¢12.80, and rose 26.4% against the British pound, closing at GH¢14.55 on the interbank market. This multi-currency resilience has reinforced Ghana’s reputation as a relatively stable economy in the region.

Market watchers remain cautiously optimistic, highlighting that despite the recent softening, the cedi’s performance far exceeds the same period in 2024. Its sustained gains have continued to bolster investor confidence, signaling a positive outlook for Ghana’s financial markets as the year draws to a close.

source: citi newsroom