Fitch Predicts Ghana Cedi to End 2025 at GH¢15.50 to the Dollar
Fitch Solutions has projected that the Ghanaian cedi will end 2025 at GH¢15.50 per US dollar, with an annual average rate of GH¢15.30. This forecast is notably more bearish than Absa Bank’s projection of GH¢14.00 to the dollar by year-end.
At the beginning of 2025, the cedi was trading at GH¢15.83 per US dollar, highlighting ongoing pressure on the local currency despite recent signs of economic stabilization.
In its latest report, Fitch cited elevated gold prices as a key factor supporting Ghana’s economic outlook. The firm expects the Bank of Ghana to leverage these favorable conditions to help stabilize the cedi throughout the year. However, Fitch cautioned that currency stability is not guaranteed, pointing to persistent global risks such as uncertain U.S. trade policies and geopolitical tensions that could disrupt foreign exchange markets.
Fitch forecasts gold prices will average a record high of US$3,100 per ounce in 2025, representing a significant 29.7% increase over 2024 levels. This surge is expected to bolster Ghana’s gold exports, a crucial source of foreign exchange for the country.
Additionally, the report notes that declining global oil prices will reduce Ghana’s energy import bill, easing pressure on the current account. Fitch projects the country will record a current account surplus of 6.9% of GDP by the end of 2025.
Foreign exchange reserves are also expected to rise, increasing from US$6.4 billion to an anticipated higher level—although the report did not specify the exact figure.
