In 2025, Ghana Cedis has appreciated by about 43 percent against the US Dollar to rank as the best-performing currency in Africa. It is just behind the Russian Ruble which has gained about 45 percent against the Dollar in 2025.
Starting the year with an exchange rate of 14.7 GHS to 1 USD, the currency further declined to 15.5 GHS/$1 at the end of Q1. However, it has been on a bullish run for most of May heading into June 2025.
What are the driving factors behind the performance of the Ghana Cedi in 2025?