An October ranking by Nigeria's The Nation newspaper, based on the Forbes currency calculator, puts the cedi at GHΒ’11.58 to the dollar.
On Friday, the Bank of Ghana's reference rate was about GHΒ’11.65 to the dollar.
Tunisia's dinar leads at 2.98 to the dollar, followed by Libya's dinar at 6.39 and Morocco's dirham at 9.81.
Botswana's pula completes the top five at 13.76 to the dollar. The cedi is the only West African currency in the group.
South Africa's rand, the continent's most traded currency, is at about 16.5 to the dollar.
The ranking reflects how many units of each currency a dollar buys, not how the currency has performed. In 2022, IEA research director Dr John Kwakye said the cedi had the third-highest value in Africa, not the third-strongest currency.
The cedi has lost about 10% of its value against the dollar this year. It ended 2025 at GHΒ’10.45 on the interbank market, according to Bank of Ghana data.
That followed a historic 2025, when the cedi broke a 30-year run of annual losses against the dollar.
Bank of Ghana Governor Dr Johnson Asiama said last week that the cedi's broader recovery remained strong, backed by robust external reserves.
βThese developments have contributed to creating a more stable and predictable environment for businesses and investors,β he said.
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