Economist at ISSER, Prof. Peter Quartey, says the Ghanaian cedi has shown signs of improved stability this year, giving the public renewed confidence in holding the local currency.
Speaking on Joy FM’s Super Morning Show, he said key economic indicators such as inflation, interest rates, and fiscal deficit are trending in the right direction — helping to support the cedi’s performance.
“I think the cedi has relatively stabilised and confidence in holding the currency has really increased,” Prof. Quartey stated.
He explained that the government’s efforts to reduce overspending and maintain a “decent deficit” while stimulating sustainable economic growth are contributing to the positive outlook.
The ISSER economist also praised the Bank of Ghana for its active communication and engagement efforts, which he believes help strengthen public trust in monetary policy.
“You need to get people to have confidence in the economy and confidence in the cedi,” he said, recommending that financial education be extended to young people, similar to practices by the Bank of England.
This year marks 60 years since the introduction of the Ghana cedi as a symbol of national sovereignty and economic resilience. The celebration has revived discussions about ensuring long-term currency stability.
With the cedi expected to end the year appreciating against the US dollar — a rare occurrence since the redenomination in 2007 — Prof. Quartey noted that there is hope for sustained progress but emphasised the need to “continue building confidence” in the local currency.
Source: Caleb Ahinakwah