The Ghana cedi has made a remarkable recovery in 2025, appreciating 24.1% against the US dollar in the first five months of the year, according to the Bank of Ghana.

This marks a significant turnaround from the 5.3% depreciation recorded in the first quarter.

As of May 2025, the cedi was trading at GH¢11.85 to the dollar on the interbank market.

The local currency gained further momentum in April alone, appreciating 3.9% against the dollar. The cedi also posted strong performance against other major international currencies:

Euro: Gained 14.1%, trading at GH¢13.33

Pound Sterling: Gained 16.2%, trading at GH¢15.74

In the retail forex market, the cedi rose 2.3% week-on-week against the US dollar last week, bringing its year-to-date appreciation to 17.7%. It also gained 3.5% against the pound and 3.7% against the euro, reflecting continued investor confidence and easing demand-side pressures.

This positive trajectory has been supported by direct interventions from the central bank. The Bank of Ghana injected US$425.50 million into the retail forex market, a move aimed at stabilising supply and containing speculative pressures.