The Ghana Cedi has achieved unprecedented appreciation of 42.6% against the US Dollar in the first half of 2025, while the country’s public debt fell by GH¢113.7 billion.

This feat is the first negative debt accumulation rate in Ghana’s history.

Finance Minister Dr. Cassiel Ato Forson made this known during the 2025 Mid-Year Budget Review in Parliament on Thursday

He noted that the cedi’s performance represents “the first time that this level of appreciation has been recorded in the 60-year history of the Ghana Cedi.” 

The Minister revealed that the currency, which was trading at about GH¢17.0 to the US Dollar earlier this year, had strengthened to approximately GH¢10.4 as of Wednesday, 23rd July, 2025.

“Mr. Speaker, colleagues, Ghanafo, cedi no apicki! Apicki apicki apicki!!!” Dr Ato Forson exclaimed to lawmakers, using local parlance to emphasize the currency’s strength. 

The cedi also appreciated 30.3% against the British Pound and 25.6% against the Euro during the same period, reversing depreciation trends that saw the currency weaken by 18.6%, 17.9%, and 16.0% respectively in the first half of 2024.

The Finance Minister attributed the currency gains to what he called deliberate government policies, including strong fiscal consolidation, tight monetary policy, improved external sector balances, and renewed investor confidence following credit rating upgrades and successful completion of the IMF programme’s fourth review.

The Minister announced that Ghana’s public debt had declined from GH¢726.7 billion at the end of December 2024 to GH¢613 billion by the end of June 2025, marking an 18% reduction in the debt-to-GDP ratio from 61.8% to 43.8% in just six months. 

“For the first time in Ghana’s history, there is a negative 15.6% rate of debt accumulation,” he told Parliament.

The minister also reported dramatic improvements in inflation and interest rates. 

He noted that consumer price inflation dropped from 23.8% in December 2024 to 13.7% in June 2025, representing what he called “a massive 10.1 percentage points decline” and the lowest inflation rate since December 2021. 

“The drastic fall in inflation is not by chance or sheer luck but as a result of hard work and deliberate policies,” he emphasized.

He said, interest rates experienced equally sharp declines, with the 91-day treasury bill rate falling from 27.73% in December 2024 to 14.73% in June 2025. 

Also, the 182-day treasury bill rate decreased from 28.43% to 15.34%, while the 364-day rate dropped from 29.95% to 15.76%. 

The Minister said these reductions saved the government GH¢4.9 billion in domestic interest payments during the first half of the year.

“We have saved GH¢4.9 billion on domestic interest payment as at end June 2025 due to our prudent debt management policies,” the minister announced, describing the savings as evidence of effective fiscal discipline.

Richard Aniagyei, ISD