Ghana cedi makes historic gains against the US dollar – Report

Ghana’s local currency, the Ghana cedi (GH¢), has, for the first time in about three decades, made an annual gain against the United States dollar ($).

According to a report by Bloomberg, the Ghana cedi appreciated by 41% against the dollar for the year 2025, making it (the cedi) the best performer among 144 currencies tracked by Bloomberg after the Russian ruble.

The report indicated that the performance of the cedi against the dollar in 2025 has never been seen since Bloomberg began compiling the data in 1994.

“Ghana’s currency posted an annual gain against the dollar for the first time in more than three decades as Africa’s biggest gold producer benefited from rising prices of the metal and the greenback’s weakness.

“The cedi has appreciated 41% against the dollar this year, the first time it has risen since at least 1994 when Bloomberg began compiling the data. That made it the best performer among 144 currencies tracked by Bloomberg after the Russian ruble. The Bloomberg Dollar Index is headed for its worst decline since 2017,” part of the report reads.

The report indicated that the performance of the cedi is expected to continue in 2026, noting that one of the reasons for the appreciation of the cedi is the purchase of gold by the Bank of Ghana, which increased the country’s gross international reserves by 24% to $11.4 billion as of October 2025.

It added that the establishment of the Ghana Gold Board (GoldBod) to regulate the purchase of gold in the country played a key role in the cedi’s performance.

“Ghana’s central bank has been increasing purchases of bullion, helping lift gross international reserves by 24% to $11.4 billion as of October, from the start of the year. In May, the government established an institution known as GoldBod to buy the metal from small-scale mines, a move that has helped direct their output into the formal economy and curb smuggling.

“‘Improved official gold flows via the GoldBod and rising reserves’ played a key role in supporting the currency,” said Sam Singh-Jami, head of Africa research and strategy at Rand Merchant Bank, the report reads.

Read the full report below:

BAI

Meanwhile, watch as Acting Defence Minister Ato Forson inaugurates 9-Member Ministerial Advisory Board