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Accra, Ghana – January 1, 2026 – Ghana’s local currency, the Ghana cedi (GH¢), has recorded its first annual gain against the United States dollar ($) in over three decades, marking a historic milestone for the West African economy.
According to a Bloomberg report, the cedi strengthened by 41% against the dollar in 2025, making it the second-best performing currency among 144 tracked globally, second only to the Russian ruble.
“Ghana’s currency posted an annual gain against the dollar for the first time in more than three decades as Africa’s largest gold producer benefited from rising prices of the metal and the greenback’s weakness,” the report stated.
Cedi Strength Boosted by Gold Purchases
The report highlighted that the cedi’s growth is largely supported by strategic gold purchases by the Bank of Ghana, which raised the country’s gross international reserves by 24% to $11.4 billion as of October 2025.
“Ghana’s central bank has been increasing purchases of bullion, helping lift gross international reserves by 24% to $11.4 billion as of October, from the start of the year. In May, the government established an institution known as GoldBod to buy the metal from small-scale mines, a move that has helped direct their output into the formal economy and curb smuggling,” the report added.
Role of GoldBod in Strengthening the Cedi
The Ghana Gold Board (GoldBod), set up to regulate gold purchases in the country, has been identified as a key factorin the cedi’s impressive performance.
“Improved official gold flows via GoldBod and rising reserves played a key role in supporting the currency,” said Sam Singh-Jami, head of Africa research and strategy at Rand Merchant Bank.
Bloomberg also noted that the cedi’s positive trajectory is expected to continue into 2026, signaling increased economic stability and the formalization of gold trade in Ghana.
