President John Dramani Mahama has addressed recent fluctuations in the value of the Ghanaian cedi, outlining steps his government is taking to stabilise the currency and protect the economy.

Speaking at a media engagement, the President acknowledged the steep depreciation of the cedi in 2024, which created difficulties for businesses and households in planning and operations.

He noted, however, that the currency has since appreciated, a development that has increased imports but also raised concerns among exporters who now receive lower returns on foreign exchange.

“The objective is to keep currency depreciation within a five percent margin per annum in order to promote long-term stability,” President Mahama said.

He revealed that the government, working with the Bank of Ghana, is seeking a balanced approach that supports both importers and exporters while ensuring sustained confidence in the local currency.

The President also cited a 50 percent decline in remittances as a challenge, attributing the drop partly to speculation and cautious behaviour among diaspora communities.

In addition, he disclosed that investigations have begun into cases of foreign exchange mismanagement, where funds were collected but not repatriated or used for their intended purpose.

According to him, punitive measures will be taken against banks and individuals found culpable in such practices.

“Protecting the cedi against exploitation is vital for safeguarding our economy,” he stressed.

President Mahama underscored the importance of collaboration among government agencies, financial institutions and stakeholders to tackle the challenges, adding that a strong and stable currency remains central to Ghana’s economic growth and development.