Dr. Cassiel Ato Forson, the finance minister, has stressed that the recent cedi appreciation is not a one-time boost but rather the result of careful and prudent economic planning.
Dr. Forson reassured stakeholders during a meeting with the leaders of the Food and Beverage Association of Ghana (FABAG) that the government’s strategic policy decisions are responsible for the cedi’s consistent increase.
“What you are seeing, the appreciation of the cedi will not only continue but will be sustained,” Dr. Forson said confidently.
Dr. Forson emphasized that stabilizing the cedi, lowering inflation, and creating jobs have been his top priorities since taking office, and he urged businesses and citizens to support the government’s efforts. The cedi has grown in value against major foreign currencies in recent weeks, and the interbank exchange rate is currently at GH¢13.29 to the US dollar, up from over GH¢16 earlier this year.
“This is not a nine-day wonder,” he emphasized. “There will be stability, the cedi will be stronger, and we expect you to support these efforts so that Ghanaians can feel the impact.”
His remarks coincide with Ghana’s efforts to strengthen its economy in collaboration with the International Monetary Fund (IMF). An estimated $370 million will be raised to boost the nation’s recovery initiatives as a result of a recent deal with the IMF.
According to Dr. Forson, the government will keep up its efforts to keep the cedi strong and the economy moving in the correct direction.