Cedi Records 21% Gain on Dollar

Cedi Gains 21% Against Dollar in 2025, but Slips 19% Since July

September 17, 2025

The Ghana cedi has appreciated by 21% against the US dollar in the first nine months of 2025, according to the Bank of Ghana’s (BoG) September 2025 Summary of Economic and Financial Data.

The local currency traded at GH¢12.15 to $1 on the interbank market as of September.

The cedi had recorded a strong rally earlier in the year, appreciating by 43% in May, 42.6% in June, and 40.5% in July. However, it has since lost about 19% in value between late July and September, reflecting seasonal trade pressures and weaker remittance inflows.

The cedi also gained 6.9% against the euro, trading at GH¢14.23, and appreciated 11.8% against the British pound.

One of World’s Best-Performing Currencies

Despite the recent decline, BoG Governor Dr. Johnson Asiama said the cedi remains one of the world’s best-performing currencies in 2025.

He attributed the dip to a seasonal rise in import demand and reduced remittance inflows, adding that the central bank remains confident in the currency’s resilience.

Outlook

Analysts project modest stability in the near term, citing positive investor sentiment following the World Bank’s $360 million concessional loan to Ghana. They expect stronger foreign exchange support to further anchor the outlook.

However, global monetary trends could play a role. A potential US interest rate cut, aimed at addressing weakening labour market data, is expected to influence dollar–cedi dynamics in the months ahead.