The Ghanaian cedi has emerged as Africa’s strongest-performing currency in 2025, according to the International Monetary Fund (IMF), which analyzed over 20 major African economies.
IMF data shows the cedi appreciated by more than 40 percent against the US dollar over the year, placing Ghana ahead of its regional peers.
This marks a significant turnaround from earlier rankings by some financial agencies, which had placed the cedi lower on the continent.
Analysts attribute the rebound to disciplined macroeconomic policies and reforms under the IMF-supported program. Key drivers include tighter monetary policy by the Bank of Ghana, increased foreign exchange reserves, and stronger export-related inflows.
By the end of 2025, Ghana’s international reserves were nearly US $14 billion, bolstering confidence in the currency.
Despite periods of volatility and depreciation pressures earlier in the year, the cedi maintained robust performance against the US dollar, ultimately outperforming other African currencies over the full 12 months.
Economists describe this achievement as one of the most notable currency turnarounds in recent African economic history, highlighting Ghana’s shift from previous weakness to relative strength by year-end 2025.
Meanwhile, President John Dramani Mahama has expressed surprise at the speed of Ghana’s economic recovery, describing the turnaround as “shocking” for everyone.
Speaking at the First Sky Group’s Thanksgiving Service in Accra on Sunday, January 25, 2026, Mahama said, “We’re all shocked by Ghana’s rapid economic turnaround.”
He emphasised the unexpected pace at which the country’s economy has shown signs of improvement after facing significant challenges in recent years.
According to Mahama, the scale and speed of the recovery have exceeded expectations, even drawing admiration from international financial institutions like the IMF and the World Bank.
