In a data provided by the Bank of Ghana, the Ghanaian cedi’s impressive rise against the U.S. dollar has narrowed significantly, with its year-to-date appreciation falling to 21% in September 2025 down from a peak of 42.6% in June.
With the cedi trading at GH¢12.15 per dollar on the interbank market, the currency has shed nearly 20% of its value since June, erasing a portion of the gains that had previously placed it among the world’s top-performing currencies.
Its performance against other major currencies has been mixed. In September, the cedi rose 6.9% against the euro to GH¢14.23 and gained 11.8% against the British pound, trading at GH¢16.45. These figures contrast with June’s stronger rallies of 30.3% against the pound and 25.6% versus the euro.
Looking ahead to the final quarter of the year, factors such as import demand, remittance flows, and central bank policy are expected to influence the currency’s direction.
Bank of Ghana Governor Dr. Johnson Asiama attributed the recent depreciation to seasonal trade activity and weaker remittance inflows. Speaking at the Monetary Policy Committee meeting on September 15, he emphasized that while remittances have dipped, the cedi remains resilient.
“Despite seasonal pressures and a slowdown in remittance inflows, the cedi continues to rank among the strongest global currencies,” he said, noting its performance alongside the Russian ruble, Swedish krona, Norwegian krone, Swiss franc, euro, and pound.
Dr. Asiama reaffirmed the central bank’s commitment to monitoring the situation closely and intervening when needed to maintain currency stability.
Author: Jasmine Adjei
Development journalist
