Ghana’s cedi has stunned global markets in 2025, becoming the world’s best-performing currency with a nearly 50% surge against the dollar. This comeback—fueled by soaring gold prices, strict Bank of Ghana policies, and a $3 billion IMF program—marks a sharp turnaround from its 2022 collapse, triggered by a debt crisis and inflationary spiral. Other factors include increased FX reserves, commodity windfalls, and political stability under President Mahama. Moreover, strategic moves such as forex market reforms and domestic gold-settlement mandates have helped strengthen Ghana’s external position. Despite the progress, the central bank remains cautious, with Governor Johnson Asiama emphasizing the importance of maintaining a balanced currency management. Nevertheless, investors are cheering the cedi’s rally, which was largely unexpected.
Nairametrics
