Ghana’s cedi may settle around GH₵11 to the US dollar by the end of 2025, according to economist Dr Theo Acheampong, who points to easing geopolitical tensions, stable oil prices, and stronger macroeconomic fundamentals as the main drivers of the currency’s projected stability.
Speaking in an interview on Tuesday, June 24, Dr Acheampong said recent improvements in Ghana’s economic outlook, alongside a de-escalation in Middle East hostilities, support a positive trajectory for the cedi.
“If you look at all the players in this conflict, Israel, Iran, and the U.S., it is probably not in anyone’s interest to escalate matters further due to the unintended consequences,” he said. “And that’s potentially good news for the Ghanaian economy.”
The cedi is currently trading at GHS 10.30 to the dollar, according to Bank of Ghana data, and has appreciated by more than 50% year-to-date. That performance makes it the world’s strongest currency so far in 2025.
Dr Acheampong noted that the recent strength of the cedi followed a significant appreciation earlier in the year, prior to the flare-up in the Middle East. With tensions cooling, the risk of further global commodity price shocks, particularly oil, has eased, lowering inflationary risks and reinforcing the cedi’s recent gains.
He said Ghana’s inflation has been heavily influenced by energy and transport costs, and that the stabilisation of international oil prices will help contain domestic price pressures.
In addition to external factors, he highlighted Ghana’s improved foreign reserve position as a key strength. The Bank of Ghana now holds more than 32 tonnes of gold, valued at over $3 billion, as part of its gold reserve strategy. “Our reserve position puts us in a much better place to respond adequately to the impact of global crises,” he said.
Looking ahead, Dr Acheampong said the upcoming review of Ghana’s programme with the International Monetary Fund, along with the government’s mid-year budget update in July, are expected to further reinforce economic confidence.
“I’m relatively bullish because all these factors point to a continued recovery for the Ghanaian economy,” he said.
