Finance Minister Ato Forson Defends Cedi Gains, Urges Businesses to Adjust Prices
Finance Minister Dr. Cassiel Ato Forson has expressed confidence in the recent appreciation of the Ghanaian cedi, insisting the improvement is not short-lived. Speaking on the economy’s trajectory, he stated:
“The cedi’s appreciation is not a ‘nine-day wonder’; it will be sustained.”
Dr. Forson encouraged businesses to adjust their prices in line with the strengthening currency to ensure that ordinary Ghanaians begin to feel the benefits of the economic recovery.
“We are seeing improvements in the cedi. It’s time for businesses to reflect this in their pricing,” he said, calling on the Ghana Union of Traders’ Associations (GUTA) to support this effort.
In response, GUTA praised the Bank of Ghana for restoring market confidence. According to its president, Dr. Joseph Obeng, the currency’s stability has rekindled hope for traders, many of whom are recovering from losses sustained in previous months.
GUTA also noted that the improving stability of the cedi is reshaping perceptions of foreign currency value in Ghana, urging monetary authorities to maintain their efforts to safeguard the recovery and promote long-term growth.
As of May 8, 2025, the cedi trades at GH¢13.4 to the US dollar, showing notable gains against major currencies.
However, not everyone agrees with the Finance Minister’s assessment. Alexander Afenyo-Markin, Minority Leader in Parliament, attributed the cedi’s current stability to reduced government spending under former President Mahama’s administration. He claimed that the government’s liquidity challenges are evident, pointing to the non-payment of contractors across sectors.
Despite differing views on the source of stability, many agree that sustaining the cedi’s performance is crucial for lowering the cost of living, enhancing business competitiveness, and supporting Ghana’s path to full economic recovery.
