Ghana’s currency has surged by 42.6% against the U.S. dollar in 2025, marking its strongest performance in decades, yet analysts question its long-term durability.
Finance Minister Cassiel Ato Forson hailed the cedi’s “exceptional resilience” during the Mid-Year Budget Review, noting it reversed 2022–2024 depreciation trends with gains of 30.3% against the pound and 25.6% versus the euro.
Advisory firm Cnergy Global Holdings credited the rebound to Bank of Ghana (BoG) interventions and reserves covering 4.6 months of imports, bolstered by the Gold for Reserve (GOLDBOD) program. However, it warned that scaling back BoG’s market support as advised by the IMF to enhance exchange rate flexibility could undermine stability. External risks include U.S. tariff disputes, geopolitical tensions, and volatile commodity prices, though a projected 12% drop in global commodity costs may offset some pressure.
Sustaining the gains, Cnergy stressed, hinges on policy coordination across initiatives like the 24-Hour Economy and Agriculture for Economic Transformation. While the rebound offers relief to households and businesses, maintaining it requires navigating an unpredictable global landscape.