The Ghanaian cedi emerged as the best-performing currency in Africa in 2025, according to data analysed by the International Monetary Fund (IMF) across more than 20 major economies on the continent. The IMF’s assessment shows the cedi appreciated by more than 40 percent against the U.S. dollar over the year, making it the strongest-performing African currency for the period.
Earlier in the year, some international financial reports had ranked the cedi slightly lower in continental performance rankings, but the IMF’s full-year review of exchange rate data confirms it topped peer currencies in terms of U.S. dollar appreciation for all of 2025.
Observers have attributed the cedi’s strong performance to policy measures implemented by the Bank of Ghana and economic reforms under an IMF-supported programme, which helped restore market confidence. By the end of 2025, Ghana’s central bank had reportedly built international reserves of nearly $14 billion, bolstering foreign exchange market stability and supporting the currency’s gains.
The cedi’s turnaround marks a dramatic shift from its performance in prior years, when it faced significant depreciation pressures. The IMF’s finding highlights the impact of tighter monetary policy, improved fiscal discipline and stronger foreign exchange reserves in stabilising the currency and reducing vulnerability to external shocks.
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