Fitch Solutions has projected that the Ghana cedi to dollar exchange rate will experience a slight dip before strengthening by the end of 2025.

Since January, the local currency has appreciated by more than 29% against the US dollar in the retail market. This marks a historic turnaround, as it positions the cedi to record its first-ever annual appreciation against the greenback.

Currently, the cedi trades at GH¢12.00 to one dollar in forex bureaus and GH¢10.92 on the interbank market.

According to Fitch Solutions, most major Sub-Saharan African currencies will remain largely stable through Quarter 4 of 2025 and into 2026. The firm expects only mild weakening for the Ghana cedi, Zambia’s kwacha, Nigeria’s naira, and South Africa’s rand by the end of 2025.

Despite this forecast, Fitch anticipates an 8% depreciation of the cedi against the US dollar, projecting an exchange rate of around GH¢11.70 on the interbank market by the close of 2026.

The report added that while modest declines are possible in the coming quarters, currency performance will be far more stable compared to the volatility seen in 2023 and 2024. The agency also noted that ongoing softness in the US dollar and strong investor interest in emerging market currencies will provide additional support to Sub-Saharan Africa’s forex markets.

Fitch further highlighted that global gold prices are expected to remain high, driven by policy uncertainty in the United States, anticipated interest rate cuts by the Federal Reserve, and ongoing geopolitical tensions.

In Ghana’s case, increased gold revenue, proactive Bank of Ghana interventions, and efforts to protect export competitiveness are expected to limit prolonged cedi appreciation while maintaining market stability.