Cedi remains strong and resilient against major trading currencies – Finance Minister

Finance Minister Dr Cassiel Ato Forson has assured Parliament that the government is implementing measures to stabilise the Ghanaian Cedi against major trading currencies.
Addressing lawmakers, 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 stabilising the economy, stressing that these policies would help curb exchange rate volatility and enhance investor confidence in Ghana’s financial system.
Source: Classfmonline.com/Cecil Mensah
Trending Business
Bawumia’s Gold for Reserve Programme is anchoring the Cedi – Kofi Bentil
13:27DVLA opens new office in Adentan, CEO expresses gratitude to all stakeholders
08:27President Mahama delivers on 24-hour economy promise within first 120 days
01:34Gov't inaugurates task force to oversee establishment of Ghana’s national airline
13:57NPA boss heaps praise on Finance Minister and BoG for stabilising Cedi, fuel prices
11:18President Mahama sets $10 billion target for non-traditional exports by 2030
03:34Hand over Saglemi housing project to TDC- Parliamentary Select Committee to gov't
04:51CEMSE calls for urgent review of Ghana’s upstream petroleum laws to boost investment
14:55Gov't urged to act fast on the completion Pokuse-Mayera affordable housing project
10:25DVLA kick starts 24-hour service on Wednesday
03:17