Cedi Projected to End 2025 at GH¢15.50 to the US Dollar – Fitch Solutions

Fitch Solutions has forecasted that the Ghanaian cedi will close the year 2025 at GH¢15.50 to one US dollar, with an annual average rate of GH¢15.30/USD. This projection significantly exceeds the GH¢14.00 year-end estimate provided by Absa Bank.

At the start of 2025, the cedi was trading at GH¢15.83 against the dollar.

In its latest report titled “High Gold Prices Will Shield Ghanaian Economy From Tariff Fallout”, the UK-based research firm stated that it anticipates the Bank of Ghana (BoG) will prioritize exchange rate stability, supported by strong gold prices. However, Fitch noted that this alone may not be sufficient to maintain the cedi’s stability throughout the entire year.

“We expect the BoG to focus on keeping the cedi stable, facilitated by elevated gold prices,” the report said. “Amid ongoing uncertainty surrounding US trade policy, market expectations of interest rate cuts by the US Federal Reserve, and continued geopolitical tensions, our commodities team forecasts that gold prices will average a record US$3,100 per ounce in 2025 — a 29.7% increase from 2024.”

The report also highlighted that falling oil prices are expected to reduce Ghana’s energy import bill, contributing to a projected current account surplus of 6.9% of GDP in 2025 — the highest in the country’s history.

Meanwhile, the Ghana cedi has recently shown strong performance. As of May 19, 2025, it had appreciated by 17.17% year-to-date, trading at GH¢13.50 per US dollar on the retail market. This makes it the best-performing currency in the world so far this year.

Last week alone, the cedi strengthened by 2.3% against the dollar and by 3.5% against other major currencies.