In June 2025, exchange rates were heavily influenced by metal exports and government interventions. The Ghanaian cedi performed well due to a continued increase in gold exports. Similarly, the Zambian kwacha strengthened thanks to rising copper production. Meanwhile, in Venezuela, the bolivar continued to lose value following the decision to unpeg its fixed exchange rate.
The Ghanaian cedi continued to strengthen due to the ongoing success of the Ghana Gold Board (GoldBod) and rising global gold prices. GoldBod is the sole entity authorized to buy, sell, and export gold in Ghana. Since its implementation, there has been a noticeable increase in gold exports and foreign exchange liquidity, both of which have supported the currency. Additionally, higher gold prices have led to increased national revenue, further buoying the cedi.
The Zambian kwacha performed well throughout the month, supported by declining inflation, reduced food prices, and gains in key exports. As one of the world’s largest copper producers, Zambia has benefited from recent gains in both copper prices and production volume. The successful completion of a long-term debt restructuring has also contributed to growing investor confidence and economic stability.
The Venezuelan bolivar is rapidly depreciating, largely due to the government’s October 2024 decision to abandon its fixed exchange rate. The continued fallout from this policy shift has significantly weakened the currency. An exiled economist has claimed that large-scale printing of unbacked currency is fueling hyperinflation. As the bolivar’s value plummets, the government of President Nicolás Maduro has reportedly cracked down on public dissent, arresting analysts, economists, and others who have commented on the crisis.
Currency fluctuations, like those seen in June 2025, reinforce the importance of using a structured, data-driven compensation methodology for long-term international assignments. The Balance Sheet Approach remains one of the most reliable frameworks for ensuring equity between home and host compensation while protecting the assignee’s standard of living.
This approach is especially valuable when:
To explore this topic further, AIRINC recently hosted a webinar that breaks down how the balance sheet works, why companies continue to use it, and how to adapt it for today’s mobility challenges.
👉 Watch the webinar: The Balance Sheet for Expatriates
Whether you’re new to the balance sheet or looking to refine your approach, this webinar provides practical guidance for modern mobility programs. If you have any questions on the balance sheet or wondering whether now is the right time to update your FX rates, contact us.