Ghanaian Cedi's Stunning Rise: 33% Gain Against the US Dollar

Ghanaian Cedi's Remarkable Surge: A 33% Rise Against the US Dollar Ghana's currency, the cedi, has shown remarkable strength recently, appreciating by over 33% against the US dollar since November 2024. This makes it the top-performing currency globally against the dollar, according to Bloomberg's analysis of 150 currencies. The unexpected rise is largely attributed to the government's fiscal reforms and successful debt restructuring. These measures have instilled confidence in investors and helped ease inflation. President John Mahama, speaking at an economic summit in Abidjan, Côte d'Ivoire, on May 27th, 2025, noted the cedi's steady appreciation. He also highlighted the significant reduction in Ghana's public debt, stating that the cedi's strength has 'slashed Ghana's public debt by 150 billion cedis, equivalent to 14.5 billion US dollars.' This contrasts sharply with the 47 billion US dollars of public debt reported in February 2025. The International Monetary Fund (IMF) also expressed confidence, stating that the cedi's strong performance indicates a likely decrease in inflation in the coming months. Ghana's current inflation rate stands at 21.2%. The government's decision to become the sole buyer and exporter of gold from small-scale miners has also contributed to increased forex reserves, further stabilizing the cedi.