In 2025, Africa’s foreign exchange market was shaped by selective recoveries rather than broad-based strength, with Ghana’s cedi emerging as the continent’s top performer against the US dollar.
The Ghana cedi’s dramatic rebound led the way, followed closely by Zambia’s kwacha and the Congolese franc.
Across the continent, FX movements reflected a mix of policy interventions, export-driven inflows, and peg-driven stability, showing that strong gains were achievable even in a volatile environment.
Most other currencies experienced moderate appreciation or stabilization, highlighting the uneven nature of the market.
Commodity-rich economies and disciplined macroeconomic policies were central to the strongest trends, while global dollar dynamics continued to influence outcomes.
The Nigerian naira delivered a modest 6.91% appreciation in 2025, ranking 22nd among African currencies and underscoring its relatively subdued FX recovery.
Below are the top 10 best performed African currencies in 2025
The Ghanaian cedi was Africa’s best-performing currency in 2025, appreciating by 28.6% against the US dollar to close the year at GHS10.50/$, up from GHS14.70/$ in December 2024.
The currency recorded its strongest appreciation in May (-27.30%), followed by October (-12.80%), reflecting periods of heavy FX inflows, improved confidence around policy execution, and supportive commodity dynamics.
By contrast, the cedi’s weakest months were August (11.43%) and September (6.84%), when depreciation pressures resurfaced amid seasonal FX demand and market corrections. The cedi’s rebound was driven by tight monetary policy, sustained FX interventions, and a $3 billion IMF programme that restored investor confidence. Strong gold export receipts and easing inflation further supported FX stability.
Overall, 2025 marked a rare turnaround year for the cedi, positioning it as one of the fastest-appreciating currencies globally.
