Ghana’s struggling cedi could bounce back strongly, according to financial economist Professor Lord Mensah. He says the local currency may strengthen to around GH¢10 to the US dollar if key government programmes such as the 24 Hour Economy and new plans for agriculture are fully put into action.
“The cedi is just appreciating on the heels of fiscal consolidation and financial discipline by the current administration. By the time the 24-hour economy and agriculture policies kick in, the cedi will be selling at 10 Cedis to the dollar. Let me go change my dollars, quick.” Prof. Mensah stated in a recent post on his official X (formerly Twitter) account.
The cedi is just appreciating on the heels of fiscal consolidation and financial discipline by the current administration. By the time 24-hour economy and agriculture policies kick in, the Cedi will be selling at 10 Cedis to the dollar. Let me go change my dollars, quick.
— The Prof (@ProfLordMensah) May 3, 2025Currently, the cedi trades at approximately GH¢15 per US dollar in many forex bureaus across Accra, while the Bank of Ghana lists an official rate of GH¢14.15. This marks a modest but noteworthy improvement from early 2025, when the currency hovered around GH¢16.
Economists and market observers had initially linked the cedi’s appreciation to global dollar performance. However, Prof. Mensah and other analysts are now crediting the domestic policy environment particularly the Mahama-led government’s aggressive fiscal consolidation strategy and expenditure rationalisation for strengthening investor confidence and shoring up the local currency.
The 24-Hour Economy, a flagship policy initiative aimed at extending economic productivity around the clock, is expected to boost employment and attract foreign direct investment. Complementary agricultural reforms, targeting food security and export growth, are also anticipated to ease pressure on the cedi by reducing import dependency.
While Prof. Mensah’s bullish forecast signals renewed optimism, currency analysts caution that sustained gains will depend on disciplined execution, macroeconomic stability, and external factors such as commodity prices and global financial conditions.
Nonetheless, the projection of a GH¢10 exchange rate a psychological and financial milestone has rekindled discussions about the resilience and future trajectory of Ghana’s economy in a post-recovery phase.
