Ghana’s cedi surges 41% in 2025, defying decades of decline
Ghana’s currency, the cedi, has made a rare gain against the US dollar for the first time in over 30 years. The Ghana cedi rose by 41% in 2025, becoming the second-best performing currency globally. This surge follows a major boost in the country’s gold reserves and improved economic policies.
The Bank of Ghana’s gold purchases have played a key role in strengthening the economy. By October 2025, the country’s gross international reserves grew by 24%, reaching $11.4 billion. This increase has helped stabilise the cedi’s value.
The establishment of the Ghana Gold Board (GoldBod) has also been crucial. It has directed more gold production into the formal economy, reducing smuggling and improving official gold flows. These changes, combined with rising global gold prices, have supported the cedi’s strong performance. As a result, the currency has outperformed nearly all others tracked by Bloomberg in 2025. Only the Russian ruble has shown a stronger gain this year.
The cedi’s 41% appreciation marks a historic shift after decades of decline. Higher gold reserves and better economic controls have driven this change. The country now holds stronger financial defences against currency fluctuations.
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