According to Bloomberg, the Ghana cedi is the world's worst performer in the third quarter.

The BoG has, however, stated that the cedi has appreciated by 23 per cent against the US dollar in 2025 and remains among the top-performing currencies in 2025.

The setback comes less than five months after Bloomberg named the cedi the world’s best-performing currency in April, following a 16 percent gain against the US dollar since the start of the year.

That rally helped ease inflationary pressures, pushing consumer inflation down to 21.2 per cent, the lowest in eight months at the time.

Now, the currency, which had ranked first globally on the back of strong gold prices, has weakened by 13 per cent in the current quarter.

According to Bloomberg, its data showed this was the steepest fall worldwide, erasing part of the 50 per cent gain recorded between April and June.

Ghana’s import-dependent economy brings in a wide range of goods, from food to machinery, with demand typically rising toward the end of the year as businesses prepare for the Christmas season. The higher demand for dollars has piled pressure on the cedi, while the Bank of Ghana’s limited supply of foreign exchange has added to the strain.

Mr Hamza Adam, Head of Market-Risk Management at UMB Bank, said banks that submitted dollar requests on behalf of clients to the Bank of Ghana last week received only half of what they asked for. “This week the central bank is trying to meet all demand,” he said by phone from Accra on September 3, 2025.

Bloomberg data further showed that the Ghana cedi was the world’s worst-performing currency against the dollar in the third quarter.

The losses were as follows:

Ethiopian birr: -4.1 per cent

Chilean peso: -4.3 per cent

Dominican Republic peso: -5.6 per cent

Botswana pula: -7.7 per cent

Argentine peso: -11.5 per cent

Ghanaian cedi: -13.4 per cent

The cedi traded 0.1 per cent weaker at GH¢11.9507 per dollar at 1:50 a.m. in Accra. Despite the losses, it has gained 23 per cent so far this year.

Although Ghana’s gross international reserves rose to a three-year high of $11.1 billion at the end of June, the Bank of Ghana is not releasing enough funds to fully meet demand for foreign exchange.

“The cedi should be stable within a reasonable range,” the central bank said in an emailed response. “Our role is to ensure fluctuations remain orderly, that they reflect fundamentals, and that they do not undermine confidence in the broader economy.”