The Ghana cedi’s slide to over 12 per US dollar is being seen as a necessary adjustment rather than a cause for alarm, according to Joe Jackson, Chief Executive Officer of Dalex Finance.
Speaking on The Point of View program on Channel One TV, Jackson explained that the cedi’s earlier strength around 10–11 per dollar was largely driven by central bank interventions, creating an artificially high exchange rate.
“The 10.5, even though it had a really feel-good factor and everybody became bullish, over time because of how much the cedi was over-valued, would have brought us challenges,” he said.
Jackson added that the current rate above 12 is more realistic and sustainable. “It is my opinion that the rate of 12 plus is a far more defensible position for the Central Bank than 10.5,” he said.
The cedi fell to GHS 12.1100 per US dollar on September 9, 2025, a 0.25% decline from the previous session, as demand for dollars from importers and individuals continued to weigh on the currency.
Over the past month, the cedi has depreciated nearly 15%, although it remains 22.5% stronger than a year ago, showing some resilience amid ongoing volatility.
Retail-driven purchases are pushing exchange rates higher for everyday transactions. Forex bureaus in Accra are buying dollars at GHS 13.00 and selling at GHS 13.35, while the Bank of Ghana quotes a tighter range of GHS 12.04–12.06, highlighting the persistent gap between retail and official rates.
Jackson emphasized that the cedi’s adjustment, while challenging for traders and importers, is a necessary correction that strengthens the economy’s foundation.
In his view, a slightly weaker, realistic cedi can help safeguard long-term stability, rather than maintaining an overvalued rate that could pose risks in the future.
