Cedi Gains 21% Against Dollar in 2025, But Drops 19% Since July

The Ghana cedi has appreciated by 21% against the US dollar in the first nine months of 2025, according to the Bank of Ghana’s September 2025 Summary of Economic and Financial Data.

Despite this, the currency shed about 19% of its value between late July and September after peaking at a 40.5% gain in July. On the interbank market, the cedi currently trades at GH¢12.15 to the dollar, while retail market rates hover around GH¢13.60.

Earlier in the year, the cedi posted significant gains—43% in May, 42.6% in June, and 40.5% in July. It also strengthened by 6.9% against the euro in September, trading at GH¢14.23, and by 11.8% against the British pound.

Despite recent volatility, Bank of Ghana Governor Dr. Johnson Asiama described the cedi as one of the world’s best-performing currencies so far in 2025, citing seasonal trade pressures and lower-than-expected remittance inflows as key challenges.

Looking ahead, analysts project modest stability this week, buoyed by positive sentiment following the World Bank’s US$360 million concessional loan and stronger forex interventions. However, upcoming Monetary Policy Committee (MPC) decisions and US interest rate trends are expected to influence the cedi’s near-term outlook.