Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has declared a historic turnaround in the performance of the Ghana cedi, describing the rebound as the strongest in the country’s recent history.
Presenting the 2025 Mid-year Budget Review in Parliament on Tuesday, July 23, Dr. Forson announced that the local currency had significantly appreciated against major trading currencies — reversing the sharp depreciation recorded over the past three years.
“A previous record, where the Ghana cedi used to trade against the US dollar at GH¢17, is as at yesterday, trading at GH¢10.4,” he told Parliament. “Similarly, the Ghana cedi, which was once trading at GH¢21 to the British Pound, was trading at GH¢14.1 as at yesterday, 23rd July 2025.”
He continued, “As at end June 2025, the cedi appreciated by 42.6% against the US dollar, 30.3% against the British Pound, and 25.6% against the Euro. This is a significant improvement over the cedi depreciation of 18.6%, 17.9%, and 16.0% against the US dollar, British Pound, and the Euro respectively.”
Dr. Forson emphasized that the gains reflect the reversal of the severe depreciation that occurred in 2022, 2023, and 2024.
“Mr. Speaker, I repeat, so far, we have almost reversed all the cedi depreciation in 2022, 2023, and 2024,” he said. “This level of appreciation has never happened in the history of our country… Right Honourable Speaker, fellow citizens, Ghana cedi no apiki!”
The Minister credited the impressive performance of the cedi to improved macroeconomic stability, increased foreign exchange inflows, and stronger fiscal discipline.
While the announcement drew applause from the government benches, some analysts have called for caution, urging the government to focus on maintaining the gains through structural reforms and export-led growth.
The Mid-year Budget Review also highlighted inflation slowdown, improved revenue mobilization, and plans to ease the cost of doing business all aimed at sustaining the recovery and restoring investor confidence in Ghana’s economy.
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