The Ghana cedi emerged as the top-performing currency in Africa during the first eight months of 2025, according to the World Bank’s October Africa Pulse report. Buoyed by a year-to-date gain of 20%, the currency’s resurgence marks a dramatic turnaround from 2024, when it lost nearly 19% of its value against the U.S. dollar.
The World Bank credited this performance to a combination of disciplined fiscal management, tight monetary policy from the Bank of Ghana, and a surge in export revenues following the country’s successful debt restructuring.
Comparative Regional Performance (Year-to-Date 2025)
| Currency | YTD Performance |
| Ghana Cedi (GHS) | +20% (Best) |
| Zambian Kwacha (ZMW) | +16% (2nd) |
| Ethiopian Birr (ETB) | -10% (Weakest) |
| South Sudanese Pound | -10% (Weakest) |
The economic outlook for the remainder of the year remains cautiously optimistic. Ghana’s annual inflation rate fell to an over four-year low of 8% in October 2025, allowing the Bank of Ghana to aggressively cut its Monetary Policy Rate to 18% in November.
While the cedi faced a minor dip in late Q3 due to increased import demand for the festive season and election-related speculation, analysts believe the current reserves – equivalent to 4.5 months of import cover – provide a sufficient buffer to maintain stability through the end of the year.
