Cedi to End Year Around GHS 11 as Global Tensions Ease – Dr Theo Acheampong
Economist and political risk analyst, Dr Theo Acheampong, has projected that the Ghana cedi could stabilise around GHS 11 to the US dollar by year-end, as easing geopolitical tensions and improved macroeconomic fundamentals support the currency’s recovery trajectory.
Speaking in an interview on Tuesday, June 24, Dr Acheampong noted that Ghana had experienced a significant appreciation of the cedi prior to the recent Middle East conflict, adding that the cessation of hostilities reduces the risk of further global shocks that could have adversely affected oil prices and domestic inflation.
The Cedi per data from the BoG is currently trading at GHS 10.30/$1, having recorded a stunning year-to-date 50% appreciation against the US dollar, making it the world’s best-performing currency so far in 2025.
“If you look at all the players in this conflict – Israel, Iran, and the U.S. – it’s probably not in anyone’s interest to escalate matters further due to the unintended consequences,” he stated. “And that’s potentially good news for the Ghanaian economy.”
He explained that stable oil prices would help contain inflationary pressures, particularly on fuel and transport, which have been key drivers of price increases in recent months.
Dr Acheampong also highlighted Ghana’s improved reserve position, citing the over 32 tonnes of gold valued at more than $3 billion currently held by the Bank of Ghana under its gold reserve strategy as a key buffer for the economy.
“Our reserve position puts us in a much better place to respond adequately to the impact of global crises,” he noted, expressing optimism that Ghana has likely weathered the worst of the external shocks.
He added that the ongoing recovery of the economy, which has seen steady improvement over the past several months, is expected to be further bolstered by the upcoming review of the IMF-supported programme and the government’s mid-year budget update scheduled for next month.
“I’m relatively bullish because all these factors point to a continued recovery for the Ghanaian economy,” Dr Acheampong concluded.
