The Ghana cedi has emerged as the best-performing currency in Africa in 2025, according to data from the International Monetary Fund (IMF), reinforcing growing confidence in Ghana’s macroeconomic recovery and the role of strategic domestic interventions in strengthening the local currency.
IMF data, analysed across more than 20 major African economies, shows that the cedi appreciated by over 40 per cent against the US dollar in 2025, outperforming all other currencies on the continent during the period.
The assessment, sighted by Joy Business, places the cedi ahead of currencies that had earlier been ranked higher by some international news agencies and global financial firms.
The IMF’s full-year review reflects the cumulative impact of fiscal discipline, monetary policy coordination, and innovative domestic resource strategies, including gold-backed interventions that have helped shore up foreign exchange buffers and reduce pressure on the cedi.
Market analysts point to reforms under the IMF-supported programme and policy measures by the Bank of Ghana as key drivers of the turnaround.
However, growing attention is also being drawn to the stabilising role played by the Ghana Gold Board (GoldBod) in strengthening reserves, formalising gold flows, and retaining greater value from Ghana’s gold within the domestic economy.
By the close of 2025, Ghana’s international reserves had risen to nearly US$14 billion, providing a strong buffer for currency stability.
The structured domestic gold purchase and refining arrangements spearheaded by GoldBod have contributed to this build-up by ensuring that gold revenues are channelled through transparent, state-backed mechanisms rather than leaking through informal or offshore routes.
GoldBod’s interventions particularly in the artisanal and small-scale mining sector have enhanced foreign exchange inflows, improved traceability, and supported reserve accumulation, reinforcing the cedi’s appreciation and resilience against external shocks.
With authorities expected to roll out additional measures in 2026 to consolidate gains, the cedi’s performance underscores the importance of gold-led value retention and disciplined macroeconomic management as Ghana positions itself for sustained currency stability and long-term economic growth.
