Ghanatodayonline.com News, Politics, Health, Education & More
Parliament has been reassured by Finance Minister Dr. Cassiel Ato Forson that the government is taking steps to stabilize the Ghanaian Cedi in relation to key trading currencies.
In an address to parliamentarians, he said that the government is still dedicated to using smart interventions to ensure the currency’s durability in spite of previous setbacks.
The Cedi is now worth more than 15.5 cedis to the US dollar, having depreciated significantly in recent years.
Forson did point out that it performed somewhat better than it did the year before.
“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 said.
He ascribed the decline to commercial activities, low foreign exchange liquidity, and rising energy sector demand.
The Minister stated that the Cedi had exhibited indications of stability since February 19th, notwithstanding these difficulties.
He attributed this to the Bank of Ghana’s focused actions meant to increase market confidence and foreign exchange accessibility.
“Mr Speaker, the Cedi has, however, witnessed stability since 19th February, on the back of central bank forex interventions,” he said.
Dr. Ato Forson declared that the government would take a number of steps to support the Bank of Ghana’s monetary and exchange rate policies in order to guarantee long-term exchange rate stability.
Increasing foreign exchange reserves, controlling external debt commitments, and bolstering domestic production through import substitution are some of these strategies.
He emphasized the government’s commitment to economic stabilization, emphasizing that these measures will improve investor trust in Ghana’s financial system and reduce exchange rate volatility.
Source: Ghanatodayonline.com
