Ghana’s Finance Minister reported the stability of the Cedi against the US dollar since February 19, 2025. As of March 14, the exchange rate was GH¢15.53 per dollar, with a reduced depreciation of 5.3% from the prior year’s 5.7%. Government measures, including liquidity control and the introduction of a Gold Board, are in place to enhance currency resilience.
Finance Minister Dr. Cassiel Ato Forson announced that the Ghanaian Cedi has achieved stability against the US dollar since February 19, 2025, on the interbank forex market. As of March 14, 2025, the exchange rate stood at GH¢15.53 per dollar, reflecting a depreciation of 5.3%, an improvement from the previous year’s 5.7%. This statement was made during a parliament session in response to inquiries from MP Madam Mavis Nkansah Boadu regarding measures to combat Cedi’s depreciation against other currencies.
Dr. Forson emphasized that the Central Bank has adopted strict liquidity measures to support the Cedi’s stability in the forex market. The government is implementing various strategies to bolster the currency’s resilience, including setting up a Gold Board and enhancing the availability of foreign currency. Additionally, there are initiatives to streamline government expenditures.
Looking ahead, Dr. Forson indicated that the government plans to introduce measures as part of its “24-hour economy” initiative, particularly an import substitution policy, to further strengthen the Cedi’s position on the forex market.
The Finance Minister’s remarks highlight the Ghanaian government’s efforts to stabilize the Cedi against the US dollar. Tight liquidity measures from the Central Bank and various government initiatives aim to ensure a resilient economy, contributing to a positive trend in the Cedi’s depreciation rates compared to previous years. The forthcoming ’24-hour economy’ and import substitution strategies are expected to play crucial roles in sustaining this stability.
Original Source: www.ghanaweb.com
