Background
This policy brief highlights certain political and economic actions which underlie the recent appreciation of the cedi against the major currencies within the global system. At the time of writing and according to Bloomberg data, the local currency (cedi) is trading at approximately at 10:50 GHC to the US dollar (Bloomberg Online News, May 23, 2025). The purpose is to: reiterate that such stewardship measures boost universal cardinal principles of democracy – transparency, accountability, participation, and representation – in the process, and how finding long-lasting solutions to the realities of accompanying challenges of these principles could strengthen the nation’s democracy footprint going forward. What follows is a list of six omnibus stewardship policy measures and a wisdom in action suggestion for the way forward.
List of Stewardship Measures which Propelled the Local Currency
Disabuse of Article 71 Appointments Provisions Bank of Ghana (BoG) injection of $425.5 into the retail Foreign Exchange Market. Introducing of New Gold Trading License Regime – GOLDBOD Public Service Discipline Leadership Vision and Style Inspiring Confidence for a Conducive Environment Adherence to Campaign Promises
Need to Consolidate Gains and Dividends
Certainly, the above measures are laudable and commendable and the gains must be consolidated on the way forward. While these policy actions have boosted the universal principles of democracy, they are palliatives given assigned roles within the global economic systems since independence. For example, gold remains a natural resource which does not alter the nation’s role as a producer and exporter of primary products within the global economy. The policy measures, while laudable, do not change the reality that the leadership structure closest to the people is not the formal transformation decision making organ at the grassroots. While it is great for business and investor confidence the remarkable appreciation of the cedi would mainly bring in short-term gains but not erase the historical reality of the nation’s consignment to peripheral roles at the global market. Furthermore, these excellent stewardship measures are not capable of curbing global resource accumulation appetites, and restore the balance between Ghanaians and Nature particularly when some people are engaged in suicidal activities mining under their dwelling homes, and related pollution of the habitat – water bodies and farm lands etc.
Suggestions for the Way Forward
The ruling regime could lead the way to sharing power and governance between modern and traditional leadership. In other words, to consolidate the dividends of the listed stewardship measures firmly, and provide long-lasting solutions to the seemingly intractable problems within the global economic system, modern leadership should be responsible for national affairs and traditional leadership handles local government affairs. It is worth noting that while traditional leadership institutions may be old, they are not irrelevant in the present context. These institutions may be ancient but not obsolete nor stagnant. It is mainly by this suggested posture that Ghanaians can effectively reap the long-term benefits of their endowed natural resources.
About the Author: Dr. Kofi Anani is the Founder and Manager of the Blended Knowledge Solutions Network dedicated to utilizing blended knowledge for transformative development in Africa. (www.anani-afelenetwork.org). He has spent more than two decades working in International Development. He has served for five years as the Executive Secretary of the Ghana Refugees Board (2015-2020). Prior to this, he worked in Development Finance at the World Bank Group in Washington, DC, and Post-Conflict Reconstruction at the United Nations Mission in Kosovo. Dr. Anani is the author of the recent publication, Leadership in Independent Africa, Six Decades On: The Blended Representation Principle as a Cause for Afro Optimism, (London: Zed, 2024). Details of the views expressed here are contained in this publication. He can be reached at 233544611282 or ananikofivince@gmail
