Dr Cassiel Ato Forson, Ghana’s Minister for Finance, has outlined the key factors contributing to the “unprecedented” appreciation of the Ghanaian cedi. As of May 13, the cedi had strengthened by 16.7% against the US dollar, making it the best-performing currency globally this year.
In his remarks, Dr Forson attributed this remarkable performance to a combination of stringent monetary policies, aggressive liquidity management, and a disciplined fiscal approach centred on prudent public financial management. He also highlighted the role of “enhanced foreign exchange inflows from gold, cocoa, and remittances, alongside a softening US dollar amid global uncertainties.”
According to Forbes, the US dollar has depreciated by 8% in 2025, while gold prices have surged by 23%, as investors seek safe-haven assets. These factors, Dr Forson noted, “have significantly driven the strength of the Ghana cedi.”
The Finance Minister made these comments during the inauguration of the newly appointed Board of Directors of the Ghana Gold Board (GoldBod). He emphasised that the cedi’s strong performance has not compromised the country’s safety net, stating, “In fact, our foreign exchange reserves at the Bank of Ghana reached a record high in April 2025, surpassing targets set under the IMF-supported programme ahead of schedule.”
Dr Forson expressed confidence that the Ghana GoldBod will play a crucial role in maintaining this progress and enhancing the sector’s contribution to the nation’s economic transformation. He conveyed President John Dramani Mahama’s congratulations to the 13-member board, led by Mr Kojo Fynn, and urged them to diligently support and sustain this positive trajectory.
“I am confident the new board, under the able leadership of Mr Kojo Fynn, will discharge its duties with integrity, professionalism, and a deep sense of national responsibility. Let’s continue building a stronger, more resilient economy together,” he stated.
Dr Johnson Asiama, Governor of the Bank of Ghana (BoG), reassured the public that the days of volatile fluctuations in the value of the Ghanaian cedi are gradually diminishing, attributing this stability to improved inflows and ongoing reforms within the foreign exchange market.
As of May 16, the average interbank rates reported by commercial banks indicated that the US dollar was buying at GH₵12.31 and selling at GH₵12.32. The British pound was trading at GH₵16.32 for buying and GH₵16.33 for selling, while the euro was being bought at GH₵13.71 and sold at GH₵13.72.
In light of the cedi’s appreciation, some members of the public are calling for reductions in the prices of goods and services to reflect the gains achieved.
