Ghana’s cedi continued its impressive run in 2025, chalking up a 32.2% appreciation against the US dollar on the interbank market over the first eleven months of the year.
According to the Bank of Ghana’s November 2025 Summary of Economic and Financial Data, the local currency closed November at GH¢11.12 to the dollar on the interbank market, with retail rates averaging GH¢12.10.
Its performance remains one of the strongest in the region — though the pace of gains has begun to ease.
The 32.2% appreciation marks a slight dip from 34.4% in October and 18.4% in September.
Earlier in the year, the cedi posted a historic rally, surging 43% by May, with similar gains of 42.6% in June and 40.5% in July. But pressures between July and September forced the currency to surrender part of its earlier strength before stabilising again in October.
The cedi’s resilience extended beyond the dollar. It strengthened 18.8% against the euro, trading at GH¢12.80, and gained 26.4% against the British pound, closing at GH¢14.55 on the interbank market.
However, the currency’s powerful run has tapered in recent weeks. The cedi slipped 1.80% on the interbank market, moving from GH¢10.92 to GH¢11.12, while depreciating 1.24% on the retail market, where it now sells at GH¢12.10, up from GH¢11.95.
Market watchers link the softening to rising corporate FX demand and typical year-end seasonal pressures. Despite this, the cedi’s year-to-date performance remains far stronger than the same period in 2024, keeping investor confidence intact.
