Cedi Ranked 4th Strongest African Currency in September
The Ghanaian cedi has been ranked the fourth strongest currency among Africa’s top 10 performing currencies for the month of September, according to data compiled by the Forbes currency calculator.
Per Bank of Ghana data, the cedi has appreciated by 21 percent against the US dollar year-to-date, reflecting improved market confidence and policy effectiveness.
Topping the ranking for the month was the Tunisian dinar, followed by the Libyan dinar in second place and the Moroccan dirham in third. The Namibian dollar closed the list in 10th position.
A strong national currency is often viewed as a marker of economic resilience across African economies, serving as a buffer against external shocks while enhancing prosperity. For resource-dependent nations susceptible to global price fluctuations and debt vulnerabilities, stable currencies play a crucial role in long-term growth.
In Ghana, the cedi’s stability has supported disinflationary pressures, with headline inflation easing to 11.5 percent in August 2025 — the lowest since October 2021. The Bank of Ghana’s decision to reduce its benchmark interest rate to 21.5 percent underscores growing confidence in price stability, buoyed by currency performance.
A firm exchange rate reduces the cost of imports ranging from food and medicine to capital equipment, directly easing living costs and improving business competitiveness. Stable currencies also attract foreign direct investment (FDI) and portfolio inflows, as investors view them as indicators of prudent macroeconomic management and reduced capital depreciation risks.
South Africa’s rand, for example, saw moderate gains in September, supported by higher foreign reserves and the Reserve Bank’s decision to hold interest rates steady at 7 percent. The development signals to investors that Africa’s second-largest economy is striking a balance between growth and stability.
For countries with sizeable foreign-denominated debt, including Ghana and South Africa, a strong currency eases debt servicing costs in local terms, freeing fiscal space for investment in infrastructure, healthcare, and education.
Africa’s 10 strongest currencies in September 2025
