Ghana’s cedi has sustained impressive strength throughout 2025, appreciating 32.2% against the US dollar on the interbank market over the first eleven months of the year.
Bank of Ghana’s latest economic data shows the currency closing November at GH¢11.12 to $1, with retail rates averaging GH¢12.10. Although still one of the region’s top performers, the pace of gains has eased slightly from 34.4% in October.
The year has been marked by strong rallies, including a historic surge of 43% by May, with similarly high gains through June (42.6%) and July (40.5%). However, mid-year pressures triggered some pullback before the cedi firmed up again in October.
The strength isn’t limited to the dollar — the cedi is also up 18.8% against the euro, trading around GH¢12.80, and 26.4% against the pound at GH¢14.55.
Recent weeks have seen a slight softening, with the cedi slipping 1.8% on the interbank market and 1.24% on retail markets, a trend analysts attribute to increased FX demand and typical year-end pressure. Even so, the currency’s performance remains well ahead of 2024 levels, helping maintain investor confidence.
