By: Alexander Afriyie
Accra, Ghana – Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has assured stakeholders that the recent appreciation of the Ghanaian cedi is not a temporary phenomenon, but rather the result of deliberate and strategic economic management. Speaking at a meeting with the Food and Beverage Association of Ghana (FABAG), Dr. Forson reiterated the government’s commitment to maintaining the cedi’s stability and strength.
The cedi has recorded significant gains against major trading currencies in recent weeks, with the interbank rate currently standing at GH¢13.29 to the US dollar. This represents a notable improvement from over GH¢16 earlier this year. Dr. Forson attributed the positive trend to sound economic planning and strategic interventions, emphasizing that the stability and appreciation are not knee-jerk reactions, but the product of careful planning.
Key Factors Driving Cedi’s Stability.
– Sound Economic Planning: Dr. Forson emphasized that the government’s economic planning and strategic interventions have contributed to the cedi’s stability.
– Strategic Interventions*: The government has implemented measures to boost investor confidence and restore macroeconomic stability.
– IMF Support: Ghana recently secured a staff-level agreement with the International Monetary Fund (IMF) on the fourth review of its IMF-supported programme, expected to result in the disbursement of approximately $370 million to support the country’s economic recovery agenda.
Dr. Forson reminded stakeholders that upon assuming office, he set out to stabilize the local currency, reduce inflation, and create jobs, pledging to remain steadfast in achieving these goals. “This is not a nine-day wonder. There will be stability, the cedi will be stronger, and we expect you to support these efforts so that Ghanaians can feel the impact,” he emphasized.
The Finance Minister’s assurance comes amid broader government efforts to restore macroeconomic stability and boost investor confidence. With the cedi’s stability expected to continue, businesses and individuals alike can look forward to a more predictable economic environment. Alexander Afriyie