Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has announced that the Ghana cedi has appreciated by 16.7% against the US dollar as of May 13, 2025, making it the top-performing currency globally so far this year.
Dr. Forson made the statement during the inauguration of the newly constituted Board of Directors of the Ghana Gold Board (Goldbod), highlighting what he described as a “remarkable turnaround” from the 13.4% depreciation recorded over the same period in 2024.
“This rally stems from a robust policy framework, underpinned by synchronized monetary and fiscal measures, as well as a favorable global context,” the Minister said.
He attributed the cedi’s performance to coordinated efforts between the Bank of Ghana and the Ministry of Finance. These include stringent monetary policy actions, aggressive liquidity sterilization, and disciplined fiscal management.
The Minister further noted that increased foreign exchange inflows from gold, cocoa exports, and remittances, coupled with a weakening US dollar amid global uncertainties, have contributed significantly to the cedi’s gains.
“Our foreign exchange reserves at the Bank of Ghana reached a record high in April 2025, surpassing targets set under the IMF-supported programme ahead of schedule,” Dr. Forson disclosed, emphasizing the sustainability of the currency’s performance.
Dr. Forson expressed optimism about the future, citing the transformative role of the Ghana Gold Board in shaping the dynamics of the cedi and Ghana’s foreign exchange reserves.
“The activities of the Goldbod stand to further strengthen this performance. This paradigm shift will challenge traditional models reliant on old patterns, potentially leading to inaccurate projections and missing the true potential of the cedi,” he said.
The Finance Minister urged the newly sworn-in Board to work diligently to sustain the current economic trajectory and contribute to the broader vision of revitalizing the Ghanaian economy.
“Together, let us help to propel His Excellency President John Dramani Mahama’s ongoing reset of Ghana’s economy and our effort to deliver economic prosperity for all Ghanaians,” he concluded.
Source: www.kumasimail.com
