The Ghana cedi has emerged as Africa’s best-performing currency in 2025, according to data from the International Monetary Fund (IMF) analysed across more than 20 major economies on the continent.
The IMF assessment, sighted by Joy Business, shows that the cedi appreciated by over 40 per cent against the US dollar during the year, placing it ahead of all other African currencies tracked in the review.
This latest ranking follows earlier reports by some international news agencies and global financial institutions that had placed the cedi as the fourth-best-performing currency in Africa. However, the IMF’s full-year analysis indicates that, after consolidating end-of-year data, the Ghana cedi finished top of the continental performance table in terms of dollar appreciation.
Analysts attribute the currency’s strong showing to a combination of tight monetary policy, improved fiscal discipline, and reforms under Ghana’s IMF-supported programme, alongside sustained interventions by the Bank of Ghana.
By the close of 2025, Ghana’s international reserves had risen to nearly US$14 billion, a development widely seen as reinforcing confidence in the cedi and providing a buffer against external shocks.
Market watchers say the strengthened reserve position and policy consistency helped stabilise the foreign exchange market and support the cedi’s recovery after previous volatility.
Sources indicate that the Bank of Ghana is expected to roll out additional measures in 2026 aimed at consolidating recent gains and sustaining currency stability.
The IMF ranking marks a significant turnaround for the cedi and positions Ghana as one of the standout performers among emerging and frontier African economies in 2025.
