The Ghana National Chamber of Commerce and Industry (GNCCI) has urged the government to intensify measures to stabilise the cedi against the US dollar, warning that continued depreciation risks eroding investor confidence, constraining business growth, and undermining economic recovery.
The call was made at the Czech–Ghana Business Cooperation Seminar in Accra , where GNCCI National Treasurer Michael Kabutey Caesar emphasised that exchange rate stability remains pivotal for both private sector expansion and state revenue mobilisation.
“The President once indicated that the target was to peg the exchange rate between GHC10 and GHC12 to the dollar. I would be concerned if it escalates beyond that. I want to believe the government is monitoring the situation and will act to prevent a return to the high levels we experienced in the past,” Caesar said.
He added that maintaining stability requires a framework that balances the interests of importers, exporters, and government finances. “There should be a win-win situation for importers, exporters, and government taxation. At the moment, the government is not generating much tax revenue from the ports, but striking a balance is necessary, and I am confident steps are being taken in that direction,” he stated.
Figures from the Bank of Ghana, as of today, September 3, show that the US dollar is selling at GHC 11.7559, the pound sterling at 15. 7399, and the euro at 13.7069.
The unchecked depreciation could undo recent gains in controlling inflation, raise the cost of debt servicing, and weaken Ghana’s growth outlook.
The cedi’s performance has been under close scrutiny as the government pursues fiscal and monetary reforms to stabilise the economy, following a series of austerity measures tied to its economic recovery program. Market watchers note that the credibility of these reforms will depend heavily on the state’s ability to keep the exchange rate within a predictable band.
