The Ghana Cedi has depreciated by about 4.0% to the US dollar so far in 2025, the World Bank April 2025 Africa Pulse Report has revealed.
This is one of the best performances in recent times.
In 2024, the cedi lost over 17% in value to the American greenback.
In Africa, the CFA Franc used by most Francophone West African countries is the best performing.0 currency, appreciating by about 2.0% to the American dollar.
According to the World Bank, the weakest performing currencies over the past year were the South Sudanese pound, the Ethiopian birr, and the Nigerian naira, with reductions in value that exceeded 40% in 2024.
It continued that as financial conditions became less restrictive and the gains from foreign exchange market reforms began to materialise, some African currencies gradually started to strengthen.
For instance, the Kenyan shilling appreciated 20% throughout 2024 and has remained relatively stable in 2025.
On the other hand, the South African rand and currencies that are pegged to the rand have fluctuated slightly in 2024 and so far in 2025 around the values registered by the end of 2023.
Also, African countries that experienced foreign exchange shortages—as a result of increased external debt service and subdued export revenues—saw their currencies weaken sharply, particularly in 2024.
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