Ghana’s Finance Minister Assures Sustained Cedi Gains Amid Economic Stabilisation Drive

(3 Minutes Read)

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has reaffirmed the government’s dedication to maintaining the recent appreciation of the Ghanaian cedi, attributing the currency’s recovery to deliberate and strategic economic policies rather than temporary factors.

Speaking during a stakeholder engagement with the Food and Beverage Association of Ghana (FABAG) in Accra, Dr. Forson reassured the business community that the cedi’s resurgence is sustainable. “The appreciation of the cedi will not only continue but will be sustained,” he asserted, emphasizing that the improvement stems from disciplined macroeconomic planning, fiscal responsibility, and increased investor confidence.

Over the past month, the cedi has appreciated significantly, rising by 16% in April alone, making it the world’s best-performing currency for the month, according to Bloomberg. The cedi currently trades at GH¢13.29 to the US dollar, recovering from earlier levels above GH¢16.

Dr. Forson highlighted that stabilising the currency, reducing inflation, and creating jobs were key objectives for the administration. He dismissed any notion that the cedi’s strength is short-lived, calling it the outcome of intentional reforms, including government spending discipline, structural economic adjustments, and transparent engagement with stakeholders.

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The Finance Minister also urged industry players to support the recovery efforts by adopting pricing and import strategies that align with improving economic indicators. He stressed that producers and importers have a role to play in ensuring consumers benefit from the strengthening cedi and declining inflation. His comments follow Ghana’s recent staff-level agreement with the IMF for the fourth review of its ongoing program, expected to release an additional $370 million upon approval. This, officials say, will bolster the country’s reserves and provide a stronger cushion against external shocks.

Dr. Forson concluded by reiterating that full recovery will require consistent discipline and collaboration across sectors, but affirmed that the government is on a steady path toward lasting economic stability.