Cedi to Stabilise at GHS 13.5 – GHS 14 per Dollar by End-2025 – Prof. Bokpin Forecasts
The Ghana Cedi, after months of strong appreciation, is projected to stabilise between GHS 13.5 and GHS 14 to the U.S. dollar by the end of 2025, according to renowned economist Professor Godfred Bokpin.
Speaking in interview on Joy FM on Tuesday, September 16, 2025, Prof. Bokpin cautioned that the local currency faces seasonal pressures and market corrections, describing its recent swings as a natural feature of the foreign exchange market.
“We have our peak period and then we have our low period as well. In the peak period, when we experience what we call cash flow mismatch in terms of inflows and outflows, businesses would import in anticipation of Christmas and all of that. So the demand will pick up,” he explained, adding that increased government expenditure will further weigh on the currency.
The Cedi’s performance this year has been marked by sharp contrasts. In the first half of 2025, it appreciated by about 40.5% against the U.S. dollar by end-May, supported by improved investor sentiment, a robust disinflationary trend, and Ghana’s debt restructuring programme.
However, Prof. Bokpin noted that this rally was not sustainable, arguing that the Cedi “jumped the gun” and surged ahead of the pace of real economic recovery.
He expressed concern about what he described as a “wide divergence” in exchange rates across different market segments.
“If you look at the average rate in the bank and you compare that to the forex bureau and then, of course, the outer layer black market, the divergence is too wide,” he said. He urged the Bank of Ghana to address the gap to reduce speculation and improve market transparency.
Prof. Bokpin further cautioned against the national preoccupation with the daily exchange rate, calling instead for attention to be redirected to productivity and growth in the real economy.
“I get a bit concerned because every now and then, if you look at extreme rate discussions and you do a market survey, it’s more or less dominating our economic discussions much more than anything else, and I think that is not good enough,” he remarked.
Ghana’s latest macroeconomic indicators present a mixed but improving picture. Annual inflation fell to 11.5% in August 2025, the lowest level since late 2021, while GDP expanded by 6.3% in the second quarter, driven largely by the services sector.
According to Prof. Bokpin, these data points suggest Ghana has “exited the peak of our crisis recovery,” with current exchange rate fluctuations reflecting a normal—albeit complex—market adjustment process.
