Samuel Aggrey, Executive Secretary of the Food and Beverage Association, has forecasted a significant strengthening of the Ghanaian cedi against the US dollar by mid-2025.
Speaking in an interview with JoyNews monitored by Kumasimail, Aggrey predicted that the exchange rate could improve to around GHS 9 to the dollar by July, a marked recovery from current levels.
Aggrey highlighted the sharp depreciation the cedi has experienced this year, noting a loss of nearly 16% of its value since January.
He advised caution among importers and investors, suggesting that holding onto cedis instead of dollars might be prudent for now, as the cedi is expected to gain strength soon.
“For now, nobody will go for dollars because what you are holding onto has lost almost 16% of its value from January to date,” he said.
“We don’t know what will happen tomorrow. For me, I’ve said the dollar is coming down-maybe to 9 cedis to a dollar. That’s my prediction. By July, we’ll see the cedi gaining strength to about 9 cedis, and I’ll be happy if it goes to GHS 5, where it was before the former government took over.”
Aggrey emphasized that a stable currency would boost confidence and attract more investment into Ghana’s economy.
““It becomes easier for people to have more confidence in investing in this country, so when your currency is more stable, that’s when you see more investments.”
He also pointed out the challenges faced by businesses that rely heavily on foreign exchange for importing essential commodities such as rice and sugar.
Aggrey recommended that rather than holding onto cedis expecting to buy dollars later, importers should consider placing their funds in banks to preserve value amid currency fluctuations.
“The members and those involved in large imports of commodities like rice, sugar, and other goods need a lot of dollars to buy them. So, if you are not holding stocks and are holding onto the cedi while expecting future imports, the best thing to do is to put that money in the bank and wait, so you don’t lose the value you are currently losing.”
Source: www.kumasimail.com/ Kwadwo Owusu
