1. The Cedi is Stronger Than Ever
Ghana’s currency has appreciated over 42% year-to-date (as of June 2025), reversing much of the damage done in 2022 and 2023.
2. Forex Reserves Hit a Record High
Gross international reserves have risen to US$11.1 billion, now providing 4.8 months of import cover, up from US$8.98 billion at end of 2024.
3. Exports Are Surging
Ghana recorded a US$4.14 billion trade surplus in the first four months of 2025. Export growth (60%+) was mainly driven by gold, cocoa, and oil.
4. The IMF Program is Working
Ghana’s IMF-backed reform plan has passed multiple reviews, boosting investor confidence and upgrading the country’s credit rating (S&P: SD → CCC+).
5. Policy Coordination Was Key
Stabilization came from tight monetary policy, 28% interest rate, FX auctions, and fiscal discipline from the Ministry of Finance, all working in sync.
6. Risks Still Loom Large
Ghana’s export base is still commodity-dependent, and global price shifts (like falling gold/oil prices) could expose the economy to fresh forex pressure.
7. Dollarization is Undermining the Cedi
Despite legal restrictions, pricing in dollars persists in real estate, education, and retail, weakening public trust in the Cedi and hurting monetary policy.
8. FX Gains Must Fuel Real Transformation
Dr. Asiama called for converting forex strength into long-term benefits: job creation, SME support, value addition, and non-traditional exports.
9. Businesses Must Do Their Part
Firms are encouraged to reinvest export earnings locally, adopt forex risk strategies, and collaborate with the Bank of Ghana to deepen market stability.
10. Sustaining Forex Gains is a Shared Responsibility
From exporters to banks, investors to citizens, forex stability is a public good. Everyone must play a role in protecting Ghana’s hard-won macro gains.
So what?
In the end, Dr. Asiama’s message was clear: sustaining forex gains is not about maintaining strong numbers, it’s about making those numbers work for people. The true success of Ghana’s rising Cedi will be measured not just in reserves or ratings, but in jobs created, SMEs empowered, investments retained, and lives improved. Stability is only the beginning. The next phase is transformation, and that requires all hands on deck.
