Finance Minister Dr. Cassiel Ato Forson stated that the Ghanaian Cedi has been stable against the US dollar since February 19, 2025. As of March 14, 2025, the exchange rate was GH¢15.53 per dollar, with a depreciation of 5.3%. The government is implementing measures to enhance currency stability, including the establishment of a Gold Board and a “24-hour economy.”
Ghana’s Finance Minister, Dr. Cassiel Ato Forson, announced that the Ghanaian Cedi has remained stable against the US dollar since February 19, 2025, within the interbank foreign exchange market. As of March 14, 2025, the exchange rate was GH¢15.53 per dollar, reflecting a 5.3% depreciation compared to the 5.7% depreciation recorded during the previous year.
This update was conveyed during a parliamentary session in response to MP Madam Mavis Nkansah Boadu’s inquiry regarding the government’s strategies to mitigate the Cedi’s depreciation against other currencies. Dr. Ato Forson noted that the Central Bank’s tight liquidity measures have been crucial in maintaining the Cedi’s stability.
To ensure the currency’s resilience, the Finance Minister outlined various governmental initiatives, such as the establishment of a Gold Board and strategies to boost foreign currency availability in the forex market. Additionally, the government intends to implement measures aimed at reducing expenditures.
Looking forward, Dr. Ato Forson mentioned that the government’s “24-hour economy” initiative would introduce further measures, including an import substitution policy aimed at reinforcing the Cedi’s position in the forex market.
In summary, the Ghanaian Cedi has shown stability against the US dollar since mid-February 2025, with a relatively modest depreciation compared to previous years. The government’s proactive measures, such as establishing a Gold Board and implementing a “24-hour economy,” aim to bolster the Cedi’s resilience against fluctuations in the foreign exchange market. These strategies reflect a commitment to addressing currency challenges effectively.
Original Source: www.ghanaweb.com
