The Ghanaian cedi is Africa’s fourth-most valuable currency against the US dollar, behind the currencies of Tunisia, Libya and Morocco.
An October ranking published by Nigeria’s The Nation, using figures from the Forbes currency calculator, values the cedi at GH¢11.58 to the dollar.
The Bank of Ghana’s reference rate was about GH¢11.65 to the dollar on Friday.
Tunisia’s dinar tops the ranking at 2.98 to the dollar, followed by Libya’s dinar at 6.39 and Morocco’s dirham at 9.81.
Botswana’s pula is fifth at 13.76 to the dollar, making the cedi the only West African currency among the top five.
South Africa’s rand, the most traded currency on the continent, was valued at about 16.5 to the dollar.
The ranking is based on the number of units of each currency required to buy one US dollar. It does not measure how well a currency has performed or whether it has strengthened over time.
In 2022, Dr John Kwakye, the research director at the IEA, said the cedi had the third-highest value in Africa, rather than being the continent’s third-strongest currency.
Despite its position in the ranking, the cedi has fallen by about 10% against the dollar this year. Bank of Ghana data shows it ended 2025 at GH¢10.45 on the interbank market.
That decline followed what had been a historic year for the currency. In 2025, the cedi ended a 30-year sequence of annual losses against the US dollar.
Bank of Ghana Governor Dr Johnson Asiama said last week that the currency’s broader recovery remained strong, supported by robust external reserves.
“These developments have contributed to creating a more stable and predictable environment for businesses and investors,” he said.
