The real value of the cedi is between GH¢10 and GH¢12 – Mahama

President John Mahama believes the real exchange rate of the Ghana cedi is between GH¢10 and GH¢12 against the US dollar.

He shared this view while meeting a delegation from the Federation of Associations of Ghanaian Exporters (FAGE) in Accra. The delegation was led by President Davies Narh Korboe.

Mahama noted that Ghanaians have observed the cedi's recent appreciation. He explained that as the cedi strengthens, imports become cheaper and exports more expensive.

He emphasized the need for a fair balance to determine the true value of the cedi. Some people suggest it could drop to four, but he disagrees.

Mahama stated that if it fell to four, it would harm export businesses. He discussed this with the Governor and Finance Minister, who agree on a value between 10 and 12.

Currently, he sees a stable rate just above 10. He believes a range of ¢10 to ¢12 is fair for both exports and imports.

This balance will prevent an influx of cheap imported goods like toothpicks and biscuits. Mahama encouraged exporters to take advantage of the cedi's appreciation since raw materials are now cheaper.

He mentioned that lower fuel prices would reduce transportation costs for products. Additionally, port charges will decrease, benefiting both exporters and importers.

However, he urged importers not to flood local markets with foreign goods. Instead, he called for producing substitutes locally.

Mahama stressed producing more goods for export to improve economic growth. He reiterated that the cedi’s appreciation offers advantages that Ghanaians should seize.

FAGE is crucial in achieving economic goals under the 24-Hour Economy Policy. Mahama chairs the newly formed Accelerated Export Development Advisory Committee aimed at expanding Ghana’s export sector.

They plan to implement the National Export Development Strategy so Ghana can become a net exporter rather than an importer.

Mr. Davies Narh Korboe expressed FAGE's support for this policy but raised concerns about being removed from boards of key organizations like GEPA and Ghana Exim Bank.

Korboe also invited President Mahama to speak at the opening ceremony of the Ghana Horticulture Expo on June