The Ghana cedi has emerged as Africa’s best-performing currency in 2025, following a full-year assessment by the International Monetary Fund covering more than 20 major African economies.
According to the IMF’s analysis, the cedi appreciated by over 40 per cent against the US dollar during the year, placing it ahead of all other African currencies tracked in the review. The ranking marks a notable upgrade from earlier assessments by international financial institutions and global news agencies, which had previously placed the currency fourth on the continent.
The IMF’s latest data, based on a complete 12-month evaluation, shows that Ghana’s currency outperformed its peers in dollar terms, reflecting improved macroeconomic stability and stronger policy coordination.
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Market analysts attribute the cedi’s performance to policy measures implemented by the Bank of Ghana, alongside fiscal and structural reforms under Ghana’s IMF-supported programme. These measures include tighter monetary policy, improved foreign exchange management, and increased export-related inflows.
By the end of 2025, Ghana’s international reserves had risen to nearly US$14 billion, providing additional support for currency stability.
Economists have described the development as one of the most significant currency turnarounds on the continent in recent years.
Reacting to the broader economic improvement, Ghana’s President, John Dramani Mahama, said the pace of the country’s recovery had exceeded expectations. Speaking in Accra on Sunday, Mahama described the turnaround as “shocking,” noting that the speed of improvement had drawn attention from international financial institutions, including the IMF and the World Bank.
Sources indicate that the central bank may introduce additional policy measures in 2026 to consolidate recent gains and sustain currency stability amid evolving global economic conditions.
