The Ghanaian cedi has regained strength, now trading at GH₵11.9 to the U.S. dollar after briefly slipping to nearly GH₵13 in recent weeks. According to the Bank of Ghana, the earlier depreciation was driven by seasonal import demands ahead of Christmas and expectations of increased government spending before the elections.
To stabilize the currency, the central bank injected $1.15 billion into the market to boost foreign exchange liquidity and reduce volatility. Despite short-term fluctuations, the cedi remains Africa’s top-performing currency in 2025, appreciating over 20% since January, as highlighted in the World Bank’s Africa Pulse Report.
The report credits Ghana’s fiscal discipline, tight monetary policy, steady export earnings, and improved investor confidence following a successful debt restructuring. Zambia’s kwacha came second, gaining 16%, while currencies in Kenya, Tanzania, and Uganda also saw moderate improvements due to export growth and returning foreign investments.
Experts caution that maintaining the cedi’s momentum will require continued fiscal discipline, export diversification, and structural reforms. The World Bank also notes that broader currency stability across Africa this year has been supported by a weaker U.S. dollar, higher commodity prices, and relaxed global financial conditions.
Author: Jasmine Adjei
Development journalist
