Ghana Features in Top 10 African Countries With Strongest Currencies, Comes Ahead of Heavyweights
- The Ghana cedi has ranked among Africa's top 10 strongest currencies as of May 2026
- Stable currencies fosters better business planning and reduces unexpected costs for households
- Ghana's currency strength helps minimise import costs and supports foreign exchange reserves
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Ghana's currency stability has followed through into May 2026, with the cedi ranking among the top 10 currencies in Africa .
When the currency remains stable, businesses can plan better, transportation operators face fewer unexpected cost shocks, and households see less volatility in key spending.
Source: Facebook
A stable or strong currency minimises panic-driven dollar demand, allows central banks to better manage inflation, and provides a more predictable environment for both domestic and foreign investors.
With that said, here are the African countries with the strongest currencies in May 2026, per data from the Forbes calculator.
African countries with the strongest currencies in May 2026
Table with 3 columns and 10 rows. (column headers with buttons are sortable) | |||
Country | Currency Value per USD | Currency | |
1 | Tunisia | 2.92 | Tunisian Dinar |
2 | Libya | 6.35 | Libyan Dinar |
3 | Morocco | 9.20 | Moroccan Dirham |
4 | Ghana | 10.70 | Ghanaian Cedi |
5 | Botswana | 13.44 | Botswanan Pula |
6 | Seychelles | 13.53 | Seychellois Rupee |
7 | Eritrea | 15.00 | Eritrean Nakfa |
8 | Eswatini | 16.32 | Swazi Lilangeni |
9 | Namibia | 16.33 | Namibian Dollar |
10 | Lesotho | 16.33 | Lesotho Loti |
Despite the ranking, the Ghana cedi depreciated by 8.4% against the US dollar during the first five months of 2026.
The May 2026 Economic and Financial Summary, released by the Bank of Ghana, provided updates on the local currency.
The report noted that the latest decline is higher than the 6.6% depreciation recorded over the same period in 2025.
It signals renewed pressure on the local currency despite improvements in several key macroeconomic indicators.
According to the central bank, the cedi weakened from an average of GH¢10.95 to the dollar in January to GH¢11.4125 by mid-May 2026.
Source: Getty Images
The cedi came under pressure early in the year, recording a year-to-date depreciation of 4.6% in January before briefly recovering in February.
The cedi resumed its downward trend in March and continued weakening steadily through April and May.
Unlike the sharp volatility witnessed in 2025, the 2026 depreciation pattern has been more gradual and sustained.
Ghana recorded a trade surplus of $5.28 billion as of April 2026, supported by strong gold and oil export earnings.
If exchange rate pressures persist over the coming months, it could affect import costs, inflation expectations and business planning.
Bank of Ghana downplays early cedi depreciation
In the first quarter of 2026, YEN.com.gh reported that the Bank of Ghana downplayed concerns over the cedi’s early-year depreciation.
Bank of Ghana governor Johnson Asiama said these fluctuations were not unusual and were driven by seasonal and speculative factors.
The local currency traded at GH¢10.88 to the dollar on the interbank market in January 2026, compared with GH¢10.45 at the end of December 2025.
Source: YEN.com.gh
