Fitch Solutions has revised its end-of-year projection for the Ghana cedi, forecasting it to end 2025 at GH¢13.0 to the US dollar—an improvement from its earlier projection of GH¢15.5.
The UK-based research firm now anticipates a 12.9% appreciation of the cedi in 2025, citing a 16% gain between late April and mid-May 2025, largely driven by higher global gold prices.
“The cedi has appreciated by 16% between late April and the middle of May… resulting in our Country Risk team revising down their end-2025 forecast… from our previous projection of GH¢15.5/$1,” Fitch stated. “We now forecast that the currency will strengthen by 12.9% over 2025, from GH¢14.7/$1 at the end of 2024.”
Fitch added that the appreciation will have a disinflationary impact, allowing the Bank of Ghana (BoG) room to begin monetary easing later in the year.
“As Ghana is a net importer of key consumer goods… a stronger exchange rate will have a disinflationary effect,” it noted. Although the BoG raised the policy rate by 100 basis points to 28.00% in March 2025, Fitch expects a cumulative 200 basis-point cut in the second half of the year, ending 2025 at 26.00%.
Fitch also believes that the stronger currency will increase household purchasing power and drive faster spending growth.
Currently, the cedi is trading at around GH¢11.00 to the US dollar.
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