Finance Minister Dr. Cassiel Ato Forson stated that the Ghanaian Cedi has been stable against the US dollar since February 19, 2025. As of March 14, 2025, the Cedi depreciated by 5.3% in comparison to the previous year. Government measures are being implemented to enhance the Cedi’s resilience, including establishing a Gold Board and a proposed import substitution policy.
Dr. Cassiel Ato Forson, Minister of Finance, announced that the Ghanaian Cedi has experienced stability against the US dollar since February 19, 2025, within the interbank foreign exchange market. As of March 14, 2025, the exchange rate stood at GH¢15.53 to one dollar, which reflects a depreciation of 5.3 percent compared to the previous year’s figure of 5.7 percent depreciation.
During a recent parliamentary session, Dr. Forson addressed inquiries from Madam Mavis Nkansah Boadu, Member of Parliament for Afigya Sekyere East, regarding government measures to mitigate substantial depreciation of the Cedi against competing currencies. He noted that the Central Bank’s implementation of stringent liquidity measures has been crucial for preserving the Cedi’s stability in the forex market.
The Finance Minister also outlined several initiatives aimed at strengthening the resilience of the Ghanaian currency. These include the formation of a Gold Board, improvements to foreign currency availability, and proactive steps to minimize government spending. Additionally, he indicated that forthcoming actions will support a “24-hour economy,” focusing on an import substitution policy to bolster the Cedi’s position in the forex market.
In conclusion, the Ghanaian Cedi has shown commendable stability against the US dollar since mid-February 2025, aided by various government strategies. The Central Bank’s tight liquidity control, establishment of a Gold Board, and planned economic policies aim to fortify the Cedi’s strength in the foreign exchange market.
Original Source: www.ghanaweb.com
