Ghana Cedi Holds Near GH¢11 as Gold-Backed Reserves Anchor a 5.9% Growth Forecast

Ghana’s recovery is holding. The cedi traded around GH¢11.25 to the US dollar in mid-June after a roughly 30% rally in 2025, and Afreximbank projects the economy to expand about 5.9% in 2026 — its fastest pace in years — with inflation easing sharply from the crisis peaks of 2022–23.

Much of the turnaround rests on the Gold-for-Reserve program, which lifted Bank of Ghana gold holdings far above 2023 levels and gave the central bank a hard-asset buffer against dollar reliance. Analysts caution that concentration in gold, cocoa, and oil leaves Ghana exposed, and higher Gulf oil prices could erode progress later in the year.

For diaspora readers sending money home, a steadier cedi means transfers stretch further and savings hold value — a marked change from the freefall of recent years.

Source: NewsGhana; Afreximbank assessment; Bank of Ghana data; Trading Economics.