Ghana’s Cedi Emerges as Top-Performing Currency in 2025 Amid IMF Reforms and Gold Boom

Ghana's cedi has surged to become the world's best-performing currency in 2025, trading significantly stronger against the dollar compared to the start of the year. This remarkable turnaround stems from stringent IMF-backed monetary policies, aggressive central bank rate hikes, and a windfall from record Gold exports.

The Bank of Ghana shocked markets with a 100 basis point rate increase in March, pushing the policy rate to 28% to combat inflation and attract foreign capital. Governor Johnson Asiama's implementation of spot-market forex auctions has improved dollar liquidity while curbing hoarding.

Gold exports have been pivotal, with revenues skyrocketing from $7.6 billion in 2023 to $11.6 billion in 2024 as prices hit $3,400/oz. The Gold Board's domestic market interventions further stabilized currency flows, creating a perfect storm for the cedi's resurgence.