|
Getting your Trinity Audio player ready...
|
Claim: Various social media users claim that the cedi is the best-performing currency in the world in April 2025.
Verdict: Misleading. Although a Bloomberg report ranks it as the “best performing,” other financial reports have not listed it as the strongest currency in Africa or the world in April 2025.
Full Text
Currency depreciation has been a significant economic indicator for the performance of various currencies and governments.
In Ghana, campaign seasons are marked either by praise for the government’s oversight of a well-performing currency or criticism for an unprecedented depreciation.
Ghana’s cedi suffered worrying depreciation rates from 2020 to 2024, during the second term of the Nana Addo-led NPP administration. At one point in 2024, the cedi traded at Ghc 15.989 to a dollar.
However, the situation has improved under the new administration led by John Mahama. The cedi has performed well against other currencies.
According to a Bloomberg report, social media users and media reports claim that the cedi was the best-performing currency in the world in April. Find some of these posts here, here, and here.
Has the cedi been the best currency in the world in April 2025? DUBAWA decided to probe the veracity of the claim.
Verification
Most social media users’ claims were based on a recent Bloomberg report. It was prudent to verify the claim by finding the Bloomberg report. Using a Google keyword search, DUBAWA found a Bloomberg report on the recent performance of the Ghana Cedi.
A Bloomberg report published on May 7, 2025, at 12:20 GMT +2, headlined “Ghana’s World-Beating Cedi Tames Inflation at Eight-Month low,” discussed the general performance of Ghana’s economy using the various economic indicators such as consumer prices and non-food price growth.
Paragraph 3 of the report discussed the cedi’s recent performance against the US dollar. The publication reported that the cedi had strengthened by 16% against the US dollar in April 2025.
“The currency has strengthened almost 16% against the dollar since the start of April, making it the world’s best-performing currency, according to data compiled by Bloomberg,” the report stated.
DUBAWA recognises that most viral claims sourced evidence from this Bloomberg statement. Bloomberg is a major media outlet trusted globally for financial news, analysis, and reports. However, do other publications corroborate their data?
What other reports say
Other financial reports do not rank the Ghana cedi as the best currency in the world. DUBAWA used keyword searches, “best-performing currency in the world” and “ best-performing currency in Africa,” and found several financial reports that rate other currencies ahead of the Ghana cedi in Africa and the world.
A report by Business Insider Africa indicates that the Tunisian Dinar is ranked the strongest currency in Africa. In April 2025, it traded at 2.95 to a dollar, followed by the Libyan Dinar, Moroccan Dirham, and Botswana Pula, which traded at 5.46, 9.24, and 13.77 to a dollar, respectively. The Ghana Cedi is ranked the 7th strongest currency in Africa.
A table showing the strongest African currencies in April 2025. Image Source: BusinessInsiderAfrica
Also, according to an article by Forbes published on May 8, 2025, the world’s strongest currency is the Kuwaiti Dinar (KWD). The KWD trades at 0.31 per dollar, meaning 1 KWD can purchase US$3.26. The KWD is followed by the Bahraini Dinar (BHD), Omani Rial (OMR), Jordanian Dinar (JOD), and the British Pound at second, third, fourth, and fifth, respectively.
The Forbes list continues, with the Gibraltar pound, Swiss franc, Cayman Islands dollar, Euro, and US dollar occupying the sixth to tenth positions. In April 2025, the Ghanaian cedi was not listed among the top ten strongest currencies in the world.
You can find other publications that have not ranked the Ghana cedi as the strongest currency in Africa and the world here, here, and here.
Conclusion
The claim that the Cedi is the best-performing currency in the world is misleading. Although Bloomberg data ranks it as the “best performing,” other financial reports have not listed it as the strongest currency in Africa or the world.
