Cedi Maintains Momentum, Soaring 32% Against U.S. Dollar in First Eleven Months of 2025

Ghana’s cedi extended its standout performance in 2025, posting a 32.2% gain against the dollar in the first eleven months, even as the currency’s blistering rally began to cool.

The Bank of Ghana’s latest economic snapshot shows the cedi closing November at GH¢11.12 on the interbank market, with retail trades averaging GH¢12.10. The advance, while still one of Africa’s strongest, eased from 34.4% in Octoberand 18.4% in September as momentum tapered.

The currency had staged a historic run earlier in the year, soaring 43% by May and registering similarly elevated increases of 42.6% in June and 40.5% in July before mid-year pressures forced a pullback. A stabilisation phase in October helped restore some of its lost ground.

The cedi’s strength was broad-based: it appreciated 18.8% against the euro to GH¢12.80 and climbed 26.4% versus the pound, ending at GH¢14.55 on the interbank market.

But the rally has weakened in recent weeks. The currency slipped 1.80% on the interbank market, moving from GH¢10.92 to GH¢11.12, and fell 1.24% at retail, where it now sells at GH¢12.10.
Economists cite rising corporate FX demand and typical year-end liquidity pressures as key drivers.

Still, the cedi remains one of the region’s standout performers, with year-to-date gains well above 2024 levels — a trajectory that continues to anchor investor confidence despite signs of fatigue.

Source: Nerteley Nettey