Ghana’s local currency, the cedi, has been ranked as the 7th strongest currency in Africa at the end of the first quarter of 2025.

According to the Forbes currency calculator, the cedi was valued at GH¢15.48 to one US dollar, placing it ahead of several African currencies.

Despite this ranking, a market expert and analyst, Ms. Gifty Annor-Sika Asantewah, who is also the Chief Executive Officer of Women in Forex Ghana has argued that the cedi’s current value does not reflect its true strength, predicting that it will continue to depreciate until it stabilizes at around GH¢18 to the dollar.

The analyst further explained that the cedi’s relative stability in 2024 was largely due to artificial interventions by the previous government to bolster its value ahead of the general elections. “Now that the election season has passed, the currency is beginning to reveal its true market strength.”

She believes that Ghana’s handling of currency depreciation issues has been unimpressive, considering that a successful and peaceful election with a smooth transition of power should have boosted investor confidence and strengthened the cedi.

Despite its ranking as the 7th strongest currency in Africa, the Ghanaian cedi has been steadily depreciating since the beginning of 2025. According to the Bank of Ghana, the cedi lost 5.3% of its value on the interbank market in the first quarter of 2025. In the retail market, the depreciation stood at nearly 3.0% against the US dollar.