The Minister for Finance, Dr. Cassiel Ato Forson, has assured Ghanaians that the recent stability of the local currency, the cedi, against major foreign currencies, particularly the US dollar, is sustainable and here to stay.
According to figures from Cedirates.com, the cedi has continued to appreciate against the US dollar, with a buying rate of GHS13.20 and a selling rate of GHS13.87 as of Thursday, May 8, 2025.
Some analysts and the opposition New Patriotic Party (NPP) have attributed the cedi’s recent strength to global economic shifts, including what they describe as a trade war involving the United States that has weakened the dollar.
However, Dr. Ato Forson insists the gains are the result of prudent, homegrown economic measures and policies.
In a social media post on Thursday, May 8, following a meeting with the Food and Beverage Association of Ghana (FABAG), the Finance Minister said the cedi’s strong performance will be sustained.
“…the recent appreciation of the cedi and the stability we are witnessing in the economy is not a temporary or knee-jerk reaction.
“It is the result of deliberate, well-thought-out planning and prudent economic management. This stability is here to stay,” he wrote.
He further noted that beyond macroeconomic stability, the government is determined to ensure that the benefits reflect in the daily lives of citizens, especially through reduced prices of food and other essentials.
“Our focus at the Ministry of Finance is clear: we are moving beyond just achieving strong macroeconomic indicators. It is now time for these gains to translate into real, tangible relief for our people, especially at the micro level.
“I emphasized to FABAG that food prices, which had been unreasonably high, must start to fall drastically. Encouragingly, they confirmed that some reductions are already happening. But we need more,” Dr. Forson stated.
He also called on other trader groups, including the Ghana Union of Traders Association (GUTA), to emulate FABAG and help pass the benefits of the stable currency on to consumers.
