#Ghana Cedi Shines Among African Currencies

By: Alexander Afriyie
According to Dr. Theo Acheampong’s analysis, the Ghanaian cedi has emerged as one of the top-performing African currencies since the beginning of the year. Notably, the cedi has appreciated by almost 15% year-to-date and 20% since mid-April 2025. He indicated this on his Facebook wall.
Dr. Acheampong attributes this impressive performance to internal factors, including monetary and fiscal policies that drive market sentiments and investor expectations. He emphasizes that external factors alone cannot explain the cedi’s gains, as other commodity-exporting countries face similar global economic conditions.
The analysis highlights the cedi’s resilience compared to other African currencies, such as the Kenyan, Tanzanian, and Ugandan shillings, which have depreciated over the same period. Even the South African Rand, which is heavily integrated into the global economy, has appreciated by only 3% year-to-date and 5.5% since mid-April 2025.
While the cedi’s recent appreciation is notable, Dr. Acheampong cautions that a stable currency is the ultimate goal. He expects market fluctuations to settle in the coming weeks, potentially leading to a more stable trading environment. Alexander Afriyie,