Cedi turnaround reflects strong coordination between monetary and fiscal policy – Finance Minister

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, praised the cedi's recovery. He attributed this to strategic coordination between monetary and fiscal authorities.

At a press briefing in Accra, he noted the cedi's 16.7% appreciation against the US dollar. This is a significant turnaround from a 13.4% depreciation in 2024.

Dr. Forson called this change a “remarkable reversal.” He emphasized that it reflects “sound policy, not luck.”

He explained that the performance stems from a strong policy framework. This includes synchronized monetary and fiscal measures and favorable global conditions.

The Bank of Ghana implemented strict monetary policies with the Ministry of Finance. They focused on aggressive liquidity sterilization and disciplined fiscal management.

“This coordinated approach has ensured stability,” he said. It has also restored investor confidence in the economy.

Dr. Forson highlighted record-high foreign exchange reserves in April 2025. This indicates sustainability despite sharp currency gains.

“The cedi's performance did not compromise our safety net,” he stated. Foreign exchange reserves exceeded IMF-supported program targets ahead of schedule.

He credited increased inflows from gold, cocoa, remittances, and a weaker US dollar for strengthening the cedi further.

Looking ahead, Dr. Forson mentioned Goldbod’s role in expanding Ghana’s foreign exchange base. He believes it will help stabilize the cedi even more.

“This shift may challenge traditional models,” he warned. It could lead to inaccurate projections about the cedi's potential.

He concluded by urging the new Goldbod Board to maintain this positive trend. “Let us support John Dramani Mahama’s efforts for economic prosperity for all Ghanaians.”