Cedi Strengthens, Gains 40.7% Against US Dollar in Seven Months

The Ghanaian cedi has posted a robust performance in the first seven months of 2025, appreciating by 40.7% against the US dollar, according to the latest Bank of Ghana (BoG) Summary of Economic and Financial Data.

As of July, the cedi was trading at GH¢10.45 to the dollar on the interbank market, a marked improvement from the start of the year when it hovered around GH¢15.

The appreciation trend gained momentum in May, with a 43% rise against the dollar, and continued strongly in June with a 42.6% gain. The cedi also recorded notable gains against other major currencies.

Against the euro, it appreciated by 25.6% in June and 24.2% in July, trading at GH¢12.11 and GH¢12.25, respectively. Similarly, the local currency strengthened by 30.3% in June and 31.2% in July against the British pound, which now trades at GH¢14.02 on the interbank market.

Despite a marginal 0.47% depreciation over the past two weeks, the cedi has largely held its ground. It closed at a mid-rate of GH¢10.48 per US dollar on the interbank market, while trading at around GH¢12.00 on the retail market.

Year-to-date, the cedi’s cumulative appreciation against the dollar stands at 29.38%.

Government officials have credited the currency’s resurgence to stronger macroeconomic indicators, increased export earnings, and growing investor confidence.

During the presentation of the 2025 Mid-Year Budget Review, Finance Minister Dr. Ato Forson said the cedi’s appreciation is already contributing to price stability and slight reductions in the cost of imported goods.

He reaffirmed government’s commitment to consolidating the progress made and ensuring continued economic stability.