The Ghanaian Cedi is projected to experience a significant rebound against the U.S. Dollar in the coming months, buoyed by an expected IMF disbursement tranche, strong performance of traditional exports, rising remittances, and a temporary relief from external debt servicing obligations.
Analysts indicate that between June and August 2025, the Cedi could appreciate sharply, potentially hitting a single-digit rate against the Dollar for the first time in over a year. This optimism is underpinned by renewed investor confidence following Ghana’s adherence to IMF reform benchmarks and expectations of an imminent release of the next tranche under the $3 billion bailout program.
Additionally, the country’s major export commodities – cocoa, gold, and oil – have performed strongly on international markets, with prices remaining resilient and boosting foreign exchange inflows. Diaspora remittances, which reached record highs during the first quarter, are also providing vital support to the currency’s stability.
Despite these positive indicators, some caution remains. Ghana has not yet resumed external debt servicing, which temporarily eases pressure on forex demand. However, experts warn that once debt servicing resumes, the Cedi’s strength could face fresh tests.
By the end of 2025, market watchers predict the Cedi will likely hover between GHS12 and GHS13 to the Dollar – a notable improvement from previous highs.
The Bank of Ghana is expected to maintain strategic interventions to sustain the momentum, even as businesses and households hope for a return to currency stability and predictable import costs.
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