Ghana’s local currency, the cedi, continues to rank among the world’s best-performing currencies despite the combined effects of seasonal trade pressures and a recent dip in remittance inflows, according to the Governor of the Bank of Ghana, Dr. Johnson Asiama.
Addressing the opening session of the Monetary Policy Committee meeting on September 15, 2025, Dr. Asiama acknowledged that remittances — a key source of foreign exchange — have been weaker than in previous years. However, he stressed that the impact on the cedi’s stability has been minimal.
“Despite the seasonal pressures and a slowdown in remittance inflows in recent weeks, the cedi remains one of the strongest currencies globally. Year-to-date, it has appreciated by about 21% as of September 12,” he said.
The Governor credited the currency’s resilience to prudent monetary management, stronger foreign-exchange reserves, and enhanced regulatory enforcement.
“External buffers have strengthened. For the first eight months of the year, Ghana recorded a trade surplus of US$6.2 billion, underpinned by robust gold exports and higher cocoa receipts. Gross international reserves stood at US$10.7 billion in August, covering about 4½ months of imports,” Dr. Asiama noted.
He further stated that the cedi’s performance now matches that of other high-ranking currencies, including the Russian ruble, Swedish krona, Norwegian krone, Swiss franc, euro, and British pound.
The currency’s strength, he explained, is helping to lower import costs, ease inflationary pressures, and reduce operational challenges for businesses dependent on foreign inputs.
Nonetheless, analysts caution that maintaining this trajectory will require sustained export growth, steady remittance inflows, and careful management of exposure to volatile commodity markets.
Dr. Asiama assured that the central bank will “remain vigilant” and stand ready to intervene whenever necessary to safeguard the cedi’s stability.
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