The Ghana Cedi has been ranked as the 7th strongest currency in Africa at the end of the first quarter of 2025, according to a currency strength analysis by Forbes.
The Cedi was valued at GH¢15.48 to one US dollar, securing its position among the continent’s top-performing currencies.
Despite this ranking, data from the Bank of Ghana indicates that the Cedi depreciated by 5.3% on the interbank market within the first quarter of 2025.
In the retail market, the depreciation was slightly lower, at nearly 3% against the US dollar.
Tunisia’s Dinar emerged as the strongest currency in Africa during this period, with an exchange rate of 3.09 dinars to one US dollar.
It was followed by the Libyan Dinar, Moroccan Dirham, Botswana Pula, Seychelles Rupee, and Eritrean Nakfa in second, third, fourth, fifth, and sixth place, respectively.
The Lesotho Loti, Namibian Dollar, and South African Rand rounded out the top ten in eighth, ninth, and tenth place.
The top five African currencies saw a slight appreciation in value compared to the previous month’s rankings, demonstrating relative stability amid global economic fluctuations.
According to Forbes, a strong and stable currency is a crucial economic asset for any country, particularly in Africa, where nations strive for long-term growth and global competitiveness.
A stable currency not only enhances economic confidence but also acts as a buffer against financial shocks, preserving purchasing power.
One example of this stability is the Kenyan Shilling, which has remained relatively steady due to consistent foreign inflows from Non-Governmental Organizations (NGOs) and remittances from abroad.