Cedi’s appreciation not a ‘nine-day wonder’; it will be sustained – Ato Forson

Dr. Cassiel Ato Forson, the Finance Minister, says the cedi's appreciation is not temporary. He believes this improvement will be sustained over time. Ato Forson stated, “Cedi’s appreciation not a ‘nine-day wonder’; it will be sustained.”

He urged businesses to adjust their prices as the cedi improves. This adjustment will help Ghanaians feel the economic recovery. He said, “We are seeing improvements in the cedi. It’s time for businesses to reflect this in their pricing.” He called on GUTA to support this effort.

The Ghana Union of Traders’ Associations (GUTA) praised the Bank of Ghana. They believe it has restored confidence in the cedi. In a statement, GUTA President Dr. Joseph Obeng noted that this brings hope to businesses recovering lost capital.

GUTA also mentioned that improved stability has changed perceptions about foreign currency value in Ghana. They urged authorities to maintain these positive measures for continued growth.

If the cedi gains are sustained, they could lead to full economic recovery. This would make businesses more competitive and reduce living costs for citizens.

Currently, the Ghanaian cedi is gaining against major currencies like the US dollar. As of May 8, 2025, it trades at GH¢13.4 per dollar.

Meanwhile, Alexander Afenyo Markin, Minority Leader in Parliament, disagrees with Ato Forson’s view on stability. He claims that stability comes from reduced government spending under Mahama's administration.

Afenyo Markin argues that contractors are unpaid due to low liquidity in the economy.