Accra:Ghana's cedi has been ranked as the fourth most valuable currency in Africa against the US dollar, placing the country among the continent’s top five currencies by nominal exchange-rate value.
According to Ghana Web, the ranking was based on a report by Africa Business Insider, which utilized exchange-rate data from the Forbes currency converter. The cedi secured the fourth position in the October 2026 ranking.
Tunisia’s dinar emerged as the continent’s most valuable currency, trading at 2.98 to the dollar. Following Tunisia, Libya’s dinar was valued at 6.39, and Morocco’s dirham at 9.81. Botswana’s pula placed fifth at 13.76 to the dollar, making Ghana the only West African country among these top currencies.
On a recent Friday, the Bank of Ghana’s reference rate was approximately GH¢11.65 to the dollar, a contrast to about 16.5 for the South African rand, which remains the continent’s most traded currency. The cedi's ranking comes during a period of sustained gains, having appreciated over several weeks in October. This appreciation was bolstered by improved foreign exchange availability and additional dollar supplies from the Ghana Gold Board (GoldBod).
On October 15, the cedi had appreciated by 1.5 percent against the dollar since October 7, closing at GH¢11.65 to the US currency. GoldBod’s contributions to commercial banks have also facilitated better access to foreign exchange for businesses needing funds for international transactions.
The cedi’s stronger position could have significant implications for Ghana’s economy, particularly as the country depends heavily on imports, including essential commodities like fuel, machinery, medicines, and food. A stronger cedi could lower the local currency amount needed for these imports, potentially reducing costs for businesses and easing inflationary pressures for consumers.
Additionally, a stable and stronger currency can bolster business confidence by reducing exchange-rate uncertainty for international trade and investment. It might also decrease the local currency cost of servicing Ghana's foreign-denominated debt obligations, though this depends on the country's overall debt structure and exchange-rate trends.
The long-term benefits of the cedi’s appreciation, however, will rely on the sustainability of these gains. Factors such as domestic production costs, global commodity prices, taxes, and business pricing adjustments also play a crucial role in determining the cost of goods and services.