The Ghana cedi has seen a remarkable appreciation against major trading currencies worldwide over the past six months.

During the presentation of the 2025 Mid-Year Fiscal Policy Review yesterday, July 24, the Minister for Finance, Dr. Cassiel Ato Forson, revealed that the cedi has recorded a remarkable turnaround in the first six months of 2025, appreciating by 42.6% against the US dollar.

Dr Forson described the cedi’s performance as “impressive” and the first of its kind in the history of Ghana’s economy. The cedi, which was initially always experiencing depreciation, is currently showing resilience against the dollar. He noted that the cedi, which was previously trading at about GH¢17.0 to the US dollar, had strengthened to GH¢10.4 as of July 23.

“Mr. Speaker, the cedi’s performance in the first half of this year has been impressive! The Ghana cedi experienced significant appreciation against all major trading currencies in the first six months of 2025. I am happy to inform the House that our precious cedi, which once upon a time was trading at about GH¢17.0 to the US dollar, was trading at about GH¢10.4 as of yesterday, 23rd July, 2025,” he revealed.

In high spirits, the minister adopted the catchphrase from Ghanaian highlife musician King Paluta’s energetic party anthem “For the Popping (Apicki),” released on December 27, 2024, and said, “This level of appreciation of the Ghana cedi has never happened in the history of our nation. Ghanafo, cedi no apicki! Apicki apicki apicki!”

He continued that the strength of the cedi has not appreciated against just the US dollar but against the British pound as well. The cedi also gained 30.3% against the British pound and 25.6% against the euro during the same period. This marks a sharp contrast to the same period in 2024, when the cedi depreciated by 18.6% against the dollar, 17.9% against the pound, and 16.0% against the euro.

“Similarly, the cedi, which was once trading at GH¢21.0 to the Great British Pound, was trading at about GH¢14.1 as of yesterday, 23rd July, 2025. Mr. Speaker, as of end-June 2025, the cedi appreciated by 42.6% against the US dollar, 30.3% against the British pound, and 25.6% against the euro,” he added.

With these gains over the past few months, Dr Cassiel stated that all the losses in the previous years had been reversed. “Mr. Speaker, I repeat, so far, we have almost reversed all the cedi depreciation in 2022, 2023, and 2024,” he mentioned.

The cedi’s appreciation, the minister continued, can be attributed to the government’s strategic economic policies and programmes, including strong fiscal consolidation, tight monetary policy, improved external sector balances, renewed investor confidence, positive market sentiments, recent credit rating upgrades, and the successful completion of the IMF programme's fourth review.

He said, “Mr. Speaker, these gains are largely due to strong fiscal consolidation, tight monetary policy, improved external sector balances, renewed investor confidence, positive market sentiments, credit rating upgrades, and successfully securing staff-level agreement and subsequent Board approval on the 4th Review of the IMF programme.”

The current status of the cedi is proof of a growing economy whose foundations are being stabilized. “The cedi’s rebound signals that Ghana’s economic foundations are once again beginning to firm up.”

To maintain the cedi’s appreciation, Dr Ato Forson recommended, “Sustaining this stability will require continued fiscal discipline, supportive monetary policy, strong liquidity sterilisation, robust reserve accumulation supported by activities of the GoldBod and the credible implementation of structural reforms.”

In a related development, Bank of Ghana Governor Dr. Johnson Asiama also highlighted the cedi’s appreciation during the Graphic Business/Stanbic Bank Breakfast Meeting held on Tuesday, 15th July, at the Labadi Beach Hotel under the theme “Sustaining Forex Gains: Business and Economic Impact.”

Delivering his keynote address, the Governor stated, "the Ghanaian Cedi has appreciated by over 42% year-to-date as of June 2025, reversing nearly all the losses incurred in 2022 and 2023," stressing that the rising cedi must go beyond numbers and lead to real change.

The Governor further noted that Ghana’s gross international reserves now stand at US$11.1 billion, representing 4.8 months of import cover, up from US$8.98 billion at the end of 2024. He added that the country recorded a trade surplus of US$4.14 billion in the first four months of 2025, driven by export growth of over 60%, mainly from gold, cocoa, and oil.

According to him, the current account surplus also saw significant improvement, reaching US$2.12 billion in Q1 2025, compared to just US$66 million during the same period in 2024. Dr. Asiama noted that remittance inflows remain resilient, and Ghana’s IMF-supported programme has successfully passed all reviews. These achievements, he said, have contributed to a sovereign credit rating upgrade by S&P Global Ratings from Selective Default to CCC+.

He emphasised that these outcomes “represent more than just statistical improvement. They are a restoration of macroeconomic credibility, the kind that markets, investors, and citizens respond to with confidence." Following the cedi appreciation, Fitch Ratings officially upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook on Monday, June 16, 2025.

Fitch credited the upgrade to the country's successful restructuring of $13.1 billion in Eurobond debt, steady fiscal consolidation, and the country’s improving macroeconomic outlook. The agency also highlighted falling inflation, a strengthening cedi, and a rebound in investor confidence as key indicators of Ghana’s economic turnaround.

The Fitch report also forecasts real GDP growth of 4% in 2025, supported by a recovery in agriculture, expansion in industry, and strong performance in the services sector. Ghana’s economic reform efforts have received a major boost with Fitch’s rating—an assertion confirmed by President John Dramani Mahama and Finance Minister Dr Casiel Ato Forson.

According to the Finance Ministry, the upgrade is an endorsement of the decisive fiscal and debt management measures led by Finance Minister Dr. Cassiel Ato Forson. Finance Minister Dr. Cassiel Ato Forson described the upgrade as a significant milestone and a vote of confidence in Ghana’s future:

“I assure you—this is only the beginning. We are unwavering in our resolve to fully revive the economy and deliver lasting relief and shared prosperity to you, the good people of Ghana.”