Cedi Appreciates Over 42% in 2025, BoG Governor Hails Economic Turnaround
Governor of the Bank of Ghana, Dr. Johnson Asiama, has announced a remarkable 42% year-to-date appreciation of the Ghanaian Cedi, signalling a strong recovery from the steep depreciation experienced in 2022 and 2023.
Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra on Tuesday, July 15, Dr. Asiama credited the currency rebound to prudent fiscal management, increased foreign reserves, and growing investor confidence in the Ghanaian economy.
“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,” he noted.
He attributed the turnaround to improved macroeconomic fundamentals following challenges such as fiscal slippages and global shocks.
Stronger Reserves and Trade Performance
Dr. Asiama highlighted that Ghana’s gross international reserves have risen significantly to $11.1 billion—up from $8.98 billion at the end of 2024—now providing 4.8 months of import cover.
He also pointed to robust external sector performance, revealing that Ghana recorded a trade surplus of $4.14 billion in the first four months of 2025. This was driven by over 60% growth in exports, particularly from gold, cocoa, and oil.
The current account surplus also saw substantial improvement, rising to $2.12 billion in Q1 2025 compared to just $66 million during the same period last year.
Investor Sentiment and IMF Programme Boost
Remittance inflows remain resilient, while the continued implementation of Ghana’s IMF-supported programme has earned the country back-to-back positive reviews. These successes have also led to a credit rating upgrade by S&P, from Selective Default to CCC+.
“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,” Dr. Asiama said.
The Governor emphasized that sustaining these gains would require policy discipline, reduced reliance on foreign currency pricing, and increased reinvestment of export earnings in the domestic economy.
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