Cedi to settle between GH₵13.5, GH₵14 by end of 2025 – Prof Bokpin
By Praisebell Rosemond Larbi
Economist Professor Godfred Bokpin has projected that the Ghana cedi will stabilise between GHS13.5 and GHS14 to the US dollar by the end of 2025, following months of strong gains and recent market volatility.
Speaking in a media interview on Tuesday, 16 September, Prof Bokpin urged Ghanaians to remain calm and focus on the nation’s underlying economic fundamentals, noting that the currency’s recent swings are part of a normal market cycle.
“We have our peak period and then we have our low period as well. In the peak period, when we experience what we call a cash flow mismatch in terms of inflows and outflows, businesses would import in anticipation of Christmas and all of that. So the demand will pick up,” he explained.
According to Prof Bokpin, the expected rise in government spending during the final quarter of the year will also add to the seasonal pressure on the cedi.
Strong First-Half Performance
The cedi has experienced a remarkable turnaround in 2025. In the first half of the year, it appreciated by about 40.5 per cent against the US dollar by the end of May, ranking among the world’s strongest-performing currencies during that period.
However, Prof Bokpin said a market correction was inevitable after such steep gains.
“The recent volatility is a natural phenomenon,” he noted, emphasising that the currency’s trajectory remains anchored by improving economic indicators such as easing inflation, strong external reserves and ongoing fiscal consolidation.
Outlook
With gross international reserves at USD10.7 billion, covering about four and a half months of imports, and a trade surplus of USD6.2 billion in the first eight months of 2025, analysts believe the cedi has strong fundamentals to withstand external shocks even as seasonal pressures mount.
Prof Bokpin reiterated that, despite short-term fluctuations, the cedi’s long-term outlook remains positive, provided that Ghana sustains its prudent monetary and fiscal policies.
