Cedi stages major comeback in October after third-quarter decline

The Ghana cedi has posted a strong appreciation against major trading currencies, particularly the US dollar, for a week straight in the first half of October 2025.

According to reports from Bloomberg and the World Bank, the cedi depreciated by about 14% in the third quarter of 2025, raising concerns over its constant fluctuations and slowing its earlier appreciation from over 40% at the end of July to roughly 21% by the end of September.

The cedi has staged a strong comeback against the US dollar in the first half of October 2025, reversing the losses recorded in Q3.

Data compiled from Bloomberg and the World Bank indicate that the cedi’s 14% depreciation in Q3 2025 slowed its earlier gains from over 40% at end-July to roughly 21% by end-September.

Between October 13 and 17, 2025, the cedi appreciated by approximately 9.5% against the dollar, marking one of the strongest weekly gains recorded by the local currency in recent history.

Cedi hits GH¢10.80 to $1

Data from the Bank of Ghana’s interbank exchange rate shows that as of Tuesday, October 21, 2025, the cedi is selling at GH¢10.80 to the dollar.

On the forex market, the cedi is selling at GH¢12.40, much stronger than what it recorded in the third quarter of 2025.

The World Bank noted that with a year-to-date gain of 20%, the cedi’s strength has been buoyed by tight fiscal and monetary policies, rising export revenues, and improved market confidence.

During the same period in 2024, the cedi had lost about 19% against the US dollar.

The Bank further noted that the Ghana cedi was the best-performing currency in Africa for the first eight months of 2025.

SP/MA

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