Ghana’s Cedi Ranked Africa’s Fourth Most Valuable Currency Against US Dollar

Ghana’s cedi has been ranked as the fourth most valuable currency in Africa against the United States dollar, placing it among the continent’s top-performing currencies by nominal exchange-rate value.

The ranking puts Ghana behind Tunisia, Libya and Morocco, making the cedi the only West African currency among Africa’s top five highest-valued currencies in the latest October 2026 assessment.

According to the ranking, which was published by Nigerian newspaper The Nation and based on data from the Forbes currency calculator, one US dollar was equivalent to approximately GH¢11.58.

Tunisia occupies the first position, with its dinar trading at approximately 2.98 to the US dollar. Libya follows in second place at 6.39, while Morocco takes third position with its dirham trading at 9.81 to the dollar.

Ghana’s cedi comes fourth at GH¢11.58, followed by Botswana’s pula, which requires approximately 13.76 units to purchase one US dollar.

The Bank of Ghana’s reference rate was also approximately GH¢11.65 to the dollar on Friday, reflecting a figure close to the rate used in the ranking.

The latest recognition highlights the cedi’s position in Africa’s foreign exchange market, particularly following its notable recovery in 2025.

However, the ranking comes despite renewed pressure on the Ghanaian currency. The cedi has reportedly lost approximately 10 per cent of its value against the dollar in 2026, after ending 2025 at around GH¢10.45 on the interbank market.

The 2025 performance was particularly significant because the currency broke a 30-year pattern of annual depreciation against the US dollar.

Meanwhile, Bank of Ghana Governor Dr Johnson Asiama has indicated that the broader recovery of the cedi remains supported by the country’s strong external reserves.

The governor has also pointed to improvements in the economic environment, noting that developments in the foreign exchange market have contributed to creating a more stable and predictable environment for businesses and investors.

It is important to note that being ranked among Africa’s most valuable currencies does not automatically mean Ghana has the continent’s strongest economy or that the cedi has recorded the best performance.

The ranking measures nominal exchange-rate value, which is determined by how many units of a country’s currency are required to purchase one US dollar. It does not directly measure purchasing power, inflation, economic productivity or the overall performance of a currency over time.

Nevertheless, Ghana’s fourth-place position represents a notable standing for the cedi in the African foreign exchange market, even as policymakers continue working to maintain exchange-rate stability and strengthen the country’s economic fundamentals.

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