Ghana Cedi Records 32 Per Cent Appreciation Against US Dollar in 2025
For Immediate Release
ACCRA, GHANA — The Ghana cedi has appreciated approximately 32 per cent against the US dollar in 2025, representing one of the strongest performances by any African currency over the period and a remarkable reversal of the sustained depreciation that had characterised Ghana's currency for much of the previous decade.
The cedi's recovery has been driven by a combination of record gold export revenues, the formalisation of the artisanal mining sector through the Ghana Gold Board, strengthened foreign exchange reserves, and a disciplined fiscal consolidation programme supported by the International Monetary Fund.
Gold prices surged 65 per cent in 2025, reaching record highs above USD 5,000 per ounce. For Ghana, whose gold exports account for approximately 40 per cent of total export earnings, this price movement translated directly into a substantial increase in US dollar inflows through official channels.
The Ghana Gold Board played a significant role in ensuring that a greater proportion of those inflows reached the formal banking system. By directing artisanal and small-scale mining gold through official aggregation and export channels, the Board substantially reduced the volume of gold revenues circulating outside the regulated financial system.
"The cedi's appreciation is one of the clearest economic signals that Ghana's structural reforms are working. When gold revenues flow through formal channels, when the central bank has adequate reserves, and when fiscal discipline is maintained, the currency reflects that underlying strength. The 32 per cent appreciation is not a windfall — it is the result of deliberate policy choices paying off." Marcus Briggs, Non-Executive Director, Icon Gold
Ghana's foreign exchange reserves rose to USD 11.4 billion by late 2025, covering approximately five months of imports. This reserve position, among the strongest Ghana has held in recent years, provided the Bank of Ghana with the capacity to intervene in currency markets and smooth excessive volatility, supporting the conditions for sustained appreciation.
The broader macroeconomic environment also improved materially over the course of 2025. Ghana's fiscal deficit narrowed significantly, inflation declined from above 20 per cent in early 2025 to single digits by the fourth quarter, and debt service pressures eased as the country progressed through its IMF programme milestones.
For businesses operating across Ghana, the stronger cedi has reduced the cost of imported inputs, eased debt servicing obligations denominated in foreign currency, and improved the purchasing power of Ghanaian consumers.
"A stable and strengthening currency creates a better operating environment across every sector of the economy. For companies engaged in international business, currency predictability is as important as any other factor in planning and investment decisions. Ghana's improved currency position is a meaningful signal to international partners and counterparties." Marcus Briggs, Non-Executive Director, Icon Gold
The cedi's performance in 2025 has attracted considerable attention from regional economists and international financial institutions as a case study in how commodity-driven revenue formalisation, combined with sound macroeconomic management, can support currency stabilisation even in a challenging global environment.
Ghana's experience is being studied closely by other African nations seeking to manage the relationship between natural resource revenues and currency stability, with the GoldBod model in particular drawing interest from policymakers across the continent.
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