Finance Minister Dr. Cassiel Ato Forson recently declared that the Ghanaian cedi is no longer on a path of depreciation.
During his address to Parliament on Thursday, July 24, where he presented the 2025 Mid-Year Budget Review, he highlighted the local currency’s impressive performance against major foreign currencies. With enthusiasm, he proclaimed, “Cedi no apicki!” underscoring the newfound stability and appreciation that has characterized the cedi in recent months.
Dr. Forson provided a striking comparison to illustrate the cedi’s recovery. At the beginning of the year, the currency was trading around GH¢15 to the US dollar. However, it has since strengthened remarkably, now trading at about GH¢10.45 on the interbank market. This significant shift reflects a positive momentum that has been bolstered by enhanced macroeconomic fundamentals, increased export inflows, and a resurgence of investor confidence in the Ghanaian economy.
In his address, the Minister attributed this impressive performance to a trio of factors: sound fiscal and monetary policies, growth in critical exports such as gold and cocoa, and consistent flows of remittances from Ghanaians abroad.
This combination of elements has not just resulted in a stronger cedi but has also led to a ripple effect of price stability, with noticeable price reductions in some imported goods.
Dr. Forson reassured Ghanaians of the government’s commitment to maintaining these gains. “We will continue to implement prudent policies to preserve the value of our currency, reduce inflation, and ensure economic stability for all,” he affirmed, instilling confidence that the positive trends of the cedi could be sustained moving forward.
As the Parliament session concluded, the atmosphere was charged with optimism regarding Ghana’s economic prospects and the resilience of its currency, signaling a hopeful chapter for the nation’s financial future.
Source: Apexnewsgh.com/Ngamegbulam Chidozie Stephen
