Ghana’s Finance Minister, Dr Cassiel Ato Forson, has attributed the dramatic resurgence of the cedi to strategic coordination between the country’s monetary and fiscal authorities.
Speaking at a press briefing in Accra, Dr Forson described the currency’s 16.7% year-to-date appreciation against the US dollar as a “remarkable reversal” from the 13.4% depreciation recorded during the same period in 2024.
“As of May 13, 2025, the Ghana cedi has solidified its position as the standout performer among global currencies,” he said, describing the turnaround as a result of “sound policy, not luck.”
Dr Forson explained that this performance was driven by “a robust policy framework underpinned by synchronised monetary and fiscal measures, as well as a favourable global context.”
According to him, the Bank of Ghana adopted a stringent monetary policy in collaboration with the Ministry of Finance, focusing on aggressive liquidity sterilisation, while the Ministry pursued a disciplined fiscal path anchored in prudent public finance management.
“This coordinated approach has ensured stability while restoring investor confidence in the economy,” he stated.
The Finance Minister also pointed to record-high foreign exchange reserves in April 2025 as evidence of sustainability, despite the cedi’s sharp gains.
“The unprecedented performance of the Ghana cedi has not come at the cost of our safety net. In fact, our foreign exchange reserves at the Bank of Ghana surpassed IMF-supported programme targets ahead of schedule,” he added.
Dr Forson also credited enhanced inflows from gold, cocoa, remittances, and a weakening US dollar for contributing to the strengthening of the local currency.
Looking ahead, he expressed optimism that the activities of the newly operational Goldbod would further deepen Ghana’s foreign exchange base and stabilise the cedi.
“This paradigm shift will challenge traditional models reliant on old patterns, potentially leading to inaccurate projections and missing the true potential of the cedi,” he remarked.
He concluded by urging the new Goldbod Board to sustain the momentum:
“Together, let us help to propel John Dramani Mahama’s ongoing reset of Ghana’s economy and our effort to deliver economic prosperity for all Ghanaians.”
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