Finance Minister Dr. Cassiel Ato Forson has assured Parliament that the government is taking strategic measures to stabilise the Ghanaian Cedi against major trading currencies.
Addressing lawmakers on March 18, he acknowledged the currency’s depreciation but emphasized ongoing interventions to ensure its resilience.
“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,” Dr. Forson stated, highlighting a slight improvement from the previous year.
Dr. Forson attributed the depreciation to tight foreign exchange liquidity, increased demand from the energy sector, and commercial transactions. However, he noted that the Cedi had shown signs of stability since February 19, thanks to targeted interventions by the Bank of Ghana.
“Mr Speaker, the Cedi has, however, witnessed stability since 19th February, on the back of central bank forex interventions,” he added. These measures, aimed at improving foreign exchange liquidity, have contributed to boosting market confidence.
To ensure long-term stability, the Minister announced additional government strategies to complement the Bank of Ghana’s policies.
These include increasing 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.
