Cedi stability will be sustained – Finance Minister assures

Finance Minister Dr. Cassiel Ato Forson has assured Ghanaians that the recent stability and appreciation of the Ghanaian cedi will be sustained, citing strong economic fundamentals and coordinated policy measures.

His comments come as the government continues to implement economic recovery strategies focused on stability, growth, and sustainability.

Speaking at the inauguration of the Board of Directors of the Ghana Gold Board, Dr. Forson attributed the cedi’s rally to a combination of robust monetary and fiscal policy coordination, increased foreign exchange inflows from gold, cocoa, and remittances, and prudent public finance management.

He highlighted that the Ghana cedi has emerged as the top-performing currency globally, appreciating by 16.7% against the U.S. dollar year-to-date as of May 13, 2025.

“As of May 13, 2025, the Ghana cedi has solidified its position as the standout performer among global currencies, achieving a remarkable 16.7% appreciation against the US dollar year-to-date.This marks a significant reversal from the 13.4% depreciation observed in the same period of 2024, with the cedi earning recognition as the top-performing currency in April 2025.

This is a dramatic turnaround from the 13.4% depreciation, according to him, recorded during the same period in 2024.

“This rally stems from a robust policy framework, underpinned by synchronized monetary and fiscal measures, as well as a favorable global context,” Dr. Forson stated.

He noted that the Bank of Ghana, in collaboration with the Ministry of Finance, has implemented a stringent monetary policy and aggressive liquidity sterilization, while the Ministry has maintained a disciplined fiscal stance.

“Concurrently, the Ministry of Finance has implemented a disciplined fiscal stance anchored around prudent public finance management. Bolstering these efforts, enhanced foreign exchange inflows from gold, cocoa, and remittances, alongside a softening US dollar amid global uncertainties, have significantly driven the strength of the Ghana cedi.”

Dr. Forson also emphasized that this performance has not compromised the country’s financial safeguards. Ghana’s foreign exchange reserves reached a record high in April 2025, surpassing the targets set under the IMF-supported programme ahead of schedule.

“This underscores the sustainability of the cedi’s performance,” he stressed, adding that the appreciation reflects investor confidence and the resilience of Ghana’s economy under the current administration.

He highlighted the role of the GoldBod initiative, saying, “The activities of the Goldbod stand to further strengthen this performance. In fact, it will change how both the Ghana cedi and Ghana’s foreign exchange accumulation will behave in the future. This paradigm shift will challenge traditional models reliant on old patterns, potentially leading to inaccurate projections and missing the true potential of the cedi.”