The recent appreciation of the Ghanaian cedi has sparked a sharp critique from the opposition New Patriotic Party (NPP), which questions whether the currency’s strength aligns with the government’s stated commitment to building a production-led, export-driven economy.
Richard Ahiagbah, Communications Director for the NPP, criticized the governing administration’s celebration of the cedi’s gains, arguing that the move contradicts its own economic goals, particularly the pledge to roll out a 24-hour economy.
“What is our strategy?” Ahiagbah asked in a recent interview. “This whole celebration of the exchange rate being the cedi’s strengthening is actually toward an import-dependent economy.”
Ahiagbah pointed out that strong currencies often favor import-heavy economies while weakening export competitiveness. He cited the U.S.-China trade tensions as an example of how currency policy is used as an economic lever. “One of the biggest problems between the U.S. and China is largely because China manipulates its currency… to make its exports to America cheaper,” he said. “If, as a government, your idea is a 24-hour economy, a weak currency is actually better for you so you can drive export.”
Ghana’s cedi has gained modest ground in recent weeks, supported by inflows from multilateral partners, improved fiscal discipline, and positive investor sentiment. President Mahama recently credited rising reserves, fiscal reforms for cedi strength, pledges policy consistency to investors at the EU- Business Forum. But Ahiagbah argued that these developments, while welcome, should not be mistaken for structural progress.
“While we want them to be successful in claiming some of these things, I want to see a growth-led policy that, if not yielding results now, would yield results,” he said. “What Ghana needs now is not celebration of a strengthening cedi. We need, sustainably, to get employment for our people.”
Ahiagbah also criticized the government’s newly formed Accelerated Export Development Board, introduced as part of its 120-day policy roadmap. “What is that board supposed to do? If you have a strong cedi, your imports become cheaper and your exports more expensive,” he said. “So then, what is the policy alignment there?”
He further questioned the operational clarity of the 24-hour economy initiative championed by President John Dramani Mahama, noting that it appears to be focused on extending working hours at service agencies rather than driving manufacturing and value addition.
“His Excellency John Dramani Mahama, you promised you want to do a 24-hour economy, which must be production-led, if we think about it properly,” Ahiagbah said. “These other skirmishes, the passport office is operating three or four shifts, I don’t get it, that’s not what you promised.”
Critics say the disconnect between currency policy, industrial strategy, and labor-market outcomes exposes a broader gap in Ghana’s economic planning. Ahiagbah argues that without clear, aligned policies aimed at increasing domestic production, currency strength could inadvertently stall growth, especially for small-scale manufacturers and exporters already struggling with cost pressures.
“If all these young people must get jobs, they must be productive. The enterprise must add value. It must create value and wealth,” he said. “So when your currency becomes strong, you are weakening your position. You can’t do that.”
With inflation showing signs of easing and the cedi finding some stability, business leaders and policymakers are now watching closely to see whether this creates room for structural investments, or if, as Ahiagbah warns, it could further entrench an import-heavy growth model.
