The Price and promise of a solitary monetary policy

In 2025, the Bank of Ghana (BoG) accomplished something of extraordinary monetary significance. The cedi appreciated by 40.7 percent against the US dollar, its first annual gain in more than three decades and, on IMF data, the strongest performance of any African currency. Headline inflation, which had peaked at 54.1 percent in late 2022, fell to 5.4 percent by year-end…