Ghana Cedi Emerges as World’s Best-Performing Currency – Bloomberg

The Ghanaian cedi has been recognized by Bloomberg as the best-performing currency in the world this month, gaining nearly 16% against the US dollar since the beginning of April 2025.

This strong appreciation has contributed significantly to easing inflation in the country, bringing Ghana’s consumer inflation rate to its lowest level in eight months. As of today, the cedi is trading at GH₵13.4 per US dollar.

According to Government Statistician Alhassan Iddrisu, annual consumer price inflation dropped to 21.2% in April, down from 22.4% in March. Monthly inflation also slowed to 0.8%, largely driven by falling import costs due to the cedi’s robust performance.

Food and non-food inflation both saw notable declines. Food inflation eased to 25% from 26.5%, while non-food inflation fell to 17.9% from 18.7%. “The appreciation of the cedi has helped reduce the cost of imports,” Iddrisu said during a press briefing in Accra on Wednesday.

Bloomberg’s data confirms that the cedi has outperformed all other global currencies in terms of gains against the US dollar over the past month, boosting consumer confidence and lowering the cost of imported goods.

Despite these positive developments, economists caution that the Bank of Ghana is unlikely to ease interest rates immediately. Dr. Agyapomaa Gyeke-Dako, a senior lecturer at the University of Ghana Business School, noted that the central bank had recently raised rates to curb liquidity. “The Monetary Policy Committee may remain cautious, especially with potential inflation risks from rising utility costs,” she explained.

In March, the central bank surprised markets with a 100 basis-point hike, pushing the benchmark interest rate to 28%. Officials have signaled that future monetary decisions will depend on continued progress in controlling inflation.