Few currencies have had a year as dramatic as the Ghanaian cedi in 2025.

It opened the year trading at ₵14.70 to the dollar, weakened slightly to ₵15.50 by February, and then held steady through April — one of the longest periods of stability in a decade.

Then came the surprise.

Between April and May, the cedi strengthened sharply to ₵10.30, defying nearly all expectations. 

Watch the full explainer video here: