President John Dramani Mahama has stated the Ghanaian cedi will be more sustainable and economically beneficial exchange rate range between GHS10 and GHS12.
During a policy dialogue with the Federation of Associations of Ghanaian Exporters (FAGE) on Tuesday, June 3, Mahama explained that a stable cedi within this range would support macroeconomic balance while keeping Ghanaian exports competitive.
He noted that an exchange rate band between GHS10 and GHS12 provides the right incentive for exports without making imports excessively cheap, which could undermine local production.
Mahama also emphasized the urgent need to boost Ghana’s export capacity, stressing that increasing foreign exchange earnings is key to long-term currency stability.
He further called for targeted incentives to support exporters and urged the removal of bureaucratic bottlenecks that impede trade.
Mahama assured FAGE that under his leadership, export growth would remain a cornerstone of Ghana’s economic strategy.
“Some people say it will come down to four but of course we know the true value of the cedi is not four and if it went as far down as four it will kill all our export businesses. I met with the Governor and the Finance Minister and discussed it and they think that the real value of the cedi is anywhere between 10 and 12. Luckily the forex auction has brought it to just above 10 and it appears to have stabilised there. So I think going forward anything between 10,11 and 12 as a band where the cedi operates will be a fair value both to encourage our exports but at the same time not to make our imports so cheap that importers will flood our markets,” he said.
“The more we export and earn foreign exchange, the more we relieve pressure on the cedi. It’s a simple equation that requires a serious national commitment to value addition and trade facilitation,” he said.
