Ghana’s cedi has recorded its strongest performance in years, appreciating significantly against all major trading currencies.
This marks a remarkable reversal from the sharp depreciation seen in recent years, with the cedi hitting an all-time high in percentage terms. According to the latest data from the Bank of Ghana, the cedi has appreciated by 24.1% against the US dollar, 16.2% against the British pound, and 14.1% against the euro.
As of May 2025, the cedi is trading at approximately GH₵11.85 to the US dollar, GH₵15.84 to the pound sterling, and GH₵13.34 to the euro, according to the Bank’s Summary of Economic and Financial Data.
The government and the Bank of Ghana credit the cedi’s strong rally to a combination of prudent fiscal policies, increased gold reserves, and tighter monetary controls.
This development has sparked cautious optimism among consumers and import-reliant sectors, particularly in fuel, food, and automotive industries, who anticipate potential cost reductions if the trend continues. However, economists urge measured optimism, citing the need for sustained fiscal discipline and continued inflation control to maintain currency stability and support economic recovery.
Meanwhile, industry stakeholders are renewing calls for a review of Ghana’s import duty structure. They argue that aligning tariffs with the strengthening cedi could create a more competitive pricing environment for consumers and businesses alike.
