The Ghanaian cedi has been ranked the fourth best-performing currency in Africa as of July 2025, recording a year-to-date appreciation of nearly 30% against the U.S. dollar.
This is according to data from the Forbes Currency Converter, which showed the cedi trading at GH¢10.42 to the dollar by the end of July.
Leading the African currency rankings was the Tunisian dinar, followed by the Libyan dinar and the Moroccan dirham in second and third place, respectively.
The cedi was followed by the Botswana pula, Seychellois rupee, Eritrean nakfa, South African rand, Lesotho loti, and Namibian dollar to complete the top 10.
The cedi’s strong performance is attributed to improved macroeconomic fundamentals and enhanced external buffers. Notably, Ghana’s gross international reserves now cover more than four months of imports, an indicator of strengthened financial stability.
Barring major global disruptions, currency watchers project that the cedi will maintain relative stability through the second half of 2025. They point to increased foreign exchange inflows from Ghana’s peak cocoa and tourism seasons as an added cushion.
Supporting this optimism is the International Monetary Fund’s (IMF) recent endorsement of Ghana’s progress under the US$3 billion Extended Credit Facility (ECF).
In a press briefing, IMF Director of Communications Julie Kozack praised the government’s recent actions to correct policy slippages and reinvigorate stalled reforms.
“Faced with large policy slippages and reform delays at end-2024, the new administration has taken bold corrective actions to maintain the programme on track,” Kozack said.
“Combined with ongoing reform efforts and an improved external position, the corrective measures are set to support Ghana in reaching the goals of economic stabilization, rebuilding resilience, and fostering higher and more inclusive growth,” he said.
The IMF further commended the government’s commitment to fiscal discipline, citing the 2025 budget’s alignment with programme benchmarks and the introduction of a stronger fiscal responsibility framework.
With increased confidence from international partners and continued reform momentum, the cedi’s recent gains are being viewed as more than temporary, positioning the local currency as one of Africa’s standout performers so far in 2025.
