Ghana Cedi Surges to Top of Africa’s Currency Rankings—But Can the Rally Last?

The Ghanaian cedi has experienced a remarkable rebound in 2025, ranking as the fourth best-performing currency in Africa and appreciating by over 40% against the US dollar. This surge has been attributed to interventions by the Bank of Ghana, improved foreign exchange support, and reduced public spending. While the government and some officials tout the cedi’s stability as a major economic achievement, critics warn that the gains may not be backed by strong structural reforms and could be tested by rising import demand and a strengthening US dollar. There are also concerns about discrepancies between official and market exchange rates, with calls for greater alignment and transparency. The sustainability of the cedi’s strength remains uncertain, with analysts urging caution and further reforms to maintain momentum.