Finance Minister Dr Cassiel Ato Forson has told Parliament that the government is implementing measures to stabilise the Ghanaian cedi against major trading currencies.
He said this when he appeared before the House to respond to questions on Tuesday, March 18, 2025.
Dr Forson indicated that as of March 14, 2025, the Cedi had depreciated by 5.3% against the US dollar, compared to 5.7% over the same period in 2024.
According to him, the Cedi’s depreciation is driven by tight FX liquidity, increased demand from energy sector payments and commerce.
He was, however, quick to add that the Cedi has witnessed stability since 19th February, on the back of central bank forex interventions aimed at improving FX liquidity and market confidence.
To maintain exchange rate stability, the government is set to implement a number of measures to complement the Bank of Ghana’s monetary and exchange rate policies.
The measures to help stabilise the cedi are:
• The establishment of the GoldBod to enhance the generation and accumulation forex to support the stability of the cedi;
• The BoG will continue to implement its FX forward auctions to support the stability of the Cedi;
• Government’s strong fiscal consolidation through the reduction in public sector spending and the fiscal deficit will reduce pressures on the exchange rate; and
• Our import substitution drive under the 24-Hour economy involving the domestic production of key products originally imported will reduce imports and related FX requirement, boding well for FX stability.
By: Rainbowradioonline.cone.com/Ghana
