In October 2025, a couple of African currencies demonstrated resilience against the US dollar, defying the broader trend of depreciation observed across much of the continent.
The month saw a mix of steady and strengthening performances across African currencies, led by stable regimes like Eritrea’s and recovering units such as Liberia’s and Uganda’s.
The data sourced from Investing.com and Trading Economics was compiled and analyzed by the Nairametrics Research team.
Despite global currency pressures, several African currencies, including the Liberian dollar, Ugandan shilling and Zambian Kwacha, posted slight appreciation in October 2025.
The best-performing African currencies in October 2025 were those backed by disciplined monetary policy, limited external exposure, and steady foreign exchange reserves, the key indicators of resilience in a period marked by global economic uncertainty.
Best performing African currency in October against the US dollars.
The Ghanaian Cedi (GHS) appreciated by 12.8% against the US dollar in October, strengthening from 12.50 GHS/$ to 10.90 GHS/$ at month-end. This marks one of the cedi’s strongest performances in 2025, reflecting improved foreign exchange liquidity and investor sentiment.
The improvement in the cedi has been supported by Ghana’s progress under the IMF Extended Credit Facility (ECF), which has helped restore confidence through fiscal discipline and improved balance-of-payments (BOP) support. Increased inflows from cocoa exports, gold receipts, and remittances have also supported the country’s foreign reserves, eased pressure on the currency.
The Cedi’s October performance reflects improved market confidence and stronger macroeconomic coordination.
