Finance Minister Dr. Cassiel Ato Forson has assured Parliament that the government is implementing measures to stabilize the Ghanaian Cedi against major trading currencies.
Addressing lawmakers on Tuesday, March 18, he stated that despite past challenges, the government remains committed to ensuring the currency’s resilience through strategic interventions.
The Cedi has experienced significant depreciation in recent years, currently trading above 15.5 cedis to the US dollar.
However, Dr Ato Forson highlighted a slight improvement in its performance compared to the previous year.
“Mr Speaker, as of 14th March 2025, the Cedi had depreciated by 5.3% against the US dollar, compared to 5.7% over the same period in 2024,” he noted.
He attributed the depreciation to tight foreign exchange liquidity, increased demand from the energy sector, and commercial transactions.
Despite these challenges, the Minister indicated that the Cedi had shown signs of stability since 19th February.
He credited this to targeted interventions by the Bank of Ghana aimed at improving foreign exchange liquidity and boosting market confidence.
“Mr Speaker, the Cedi has, however, witnessed stability since 19th February, on the back of central bank forex interventions,” he said.
To ensure long-term exchange rate stability, Dr Ato Forson announced that the government would implement several measures to complement the Bank of Ghana’s monetary and exchange rate policies.
These measures include boosting foreign exchange reserves, strengthening domestic production through import substitution, and managing external debt obligations.
He reaffirmed the government’s commitment to stabilizing the economy, stressing that these policies would help curb exchange rate volatility and enhance investor confidence in Ghana’s financial system.
Voice of Dr Cassiel Ato Forson
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