An ongoing $3 billion IMF program and President Mahama’s economic reforms, including ministry cuts and debt controls, have restored market faith.
The Ghanaian cedi has surged nearly 50% against the US dollar in 2025, making it the world’s best-performing currency, according to Bloomberg data.
Starting the year at around ₵15/$, the cedi now trades near ₵10/$, driven by rising gold exports, fiscal reforms, and tighter monetary policy.
Investor confidence has strengthened as Ghana recovers from a 2022 debt crisis. Inflation has eased to 21.2%, while foreign exchange reserves hit a record $11.4 billion, bolstered by booming gold prices and a mandated local gold-settlement scheme.
The Bank of Ghana has maintained a hawkish stance, raising rates and shifting to spot forex auctions. “Stability doesn’t mean fixation,” said BoG Governor Johnson Asiama, cautioning against complacency.
An ongoing $3 billion IMF program and President Mahama’s economic reforms, including ministry cuts and debt controls, have restored market faith.
However, analysts warn that inflation risks remain due to utility hikes, suggesting monetary easing may be premature.