Cedi Sustains Strong 2025 Performance Despite Recent Slowdown
Ghana’s cedi continued its strong performance in 2025, appreciating by 32.2% against the US dollar on the interbank market over the first eleven months of the year.
According to the Bank of Ghana’s November 2025 Summary of Economic and Financial Data, the cedi closed November at GH¢11.12 to the dollar on the interbank market, while retail rates averaged GH¢12.10.
Ghana’s currency, the cedi, has experienced significant volatility in recent years, driven largely by global economic shocks, domestic fiscal pressures and shifting investor sentiment. In 2022 and 2023, the cedi suffered one of its worst downturns in decades, depreciating sharply as Ghana grappled with rising inflation, high debt levels and limited access to international capital markets.
The currency’s year-to-date performance remains one of the strongest in the sub-region, although the pace of appreciation has slowed. The November gain represents a slight dip from October’s 34.4% appreciation and the 18.4% recorded in September.
Earlier in the year, the cedi posted a historic rally, surging 43% by May, with similarly high gains of 42.6% in June and 40.5% in July. However, pressures between July and September forced the currency to retreat slightly before stabilising in October.
The cedi’s strength extended beyond the dollar as well. It appreciated 18.8% against the euro, trading at GH¢12.80, and gained 26.4% against the British pound, closing at GH¢14.55 on the interbank market.
Despite this strong performance, the currency has shown signs of softening in recent weeks. It slipped 1.80% on the interbank market, moving from GH¢10.92 to GH¢11.12, and depreciated by 1.24% on the retail market, where it now trades at GH¢12.10, up from GH¢11.95.
Analysts have attributed the recent easing to increased corporate foreign-exchange demand and typical year-end seasonal pressures. Nonetheless, the cedi’s year-to-date gains remain significantly stronger than during the same period in 2024, helping maintain investor confidence.
