Fitch Solutions projects cedi to end 2025 at GH¢15.50 to the dollar
UK-based research firm Fitch Solutions has projected that the Ghana cedi will end 2025 at GH¢15.50 to the US dollar, with an annual average of GH¢15.30.
Despite the cedi’s strong rally against the US dollar so far this year, Fitch expects depreciation pressures to resurface later in 2025.
According to the report, Fitch noted that while elevated global gold prices and improved external conditions will provide some short-term stability for the cedi, the currency is likely to face renewed challenges as the year progresses.
The firm projects that gold prices will average a record high of $3,100 per ounce in 2025, a 29.7% increase from the previous year.
This, coupled with a favorable external environment, is expected to support the Bank of Ghana’s (BoG) efforts to stabilise the currency.
The report also highlighted other factors supporting Ghana’s economy, such as a reduced energy import bill due to declining global oil prices. Together with high gold prices, these factors are expected to contribute to a current account surplus of 6.9% of GDP, the highest in the country’s history.
Fitch further forecasts a significant boost to Ghana’s gross international reserves, projecting an increase from US$6.4 billion to US$11.5 billion by the end of 2025.
This rise in reserves will provide the central bank with a crucial buffer to shield the cedi from potential global economic shocks.
Despite the optimistic outlook for Ghana’s external sector, Fitch remains cautious about the long-term stability of the cedi, citing broader global uncertainties including U.S. trade policy and geopolitical tensions.
SP/MA
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