Finance Minister, Dr. Cassiel Ato Forson, has given strong assurance that the recent appreciation of the Ghanaian cedi is not a passing phase but the outcome of deliberate, well-structured economic policies aimed at long-term currency stability and macroeconomic resilience.
Speaking at a high-level engagement with the leadership of the Food and Beverage Association of Ghana (FABAG), Dr. Forson reiterated the government’s unwavering commitment to maintaining the cedi’s strength.
He emphasized that the positive momentum seen in recent weeks reflects the impact of sound fiscal discipline and strategic interventions rolled out to stabilize the economy.
“I want to use this opportunity to assure all of you that what you are seeing — the appreciation of the cedi — will not only continue but will be sustained,” Dr. Forson declared.
“The stability and appreciation you are witnessing is not a knee-jerk reaction; it is the product of careful, well-thought-out planning.”
The cedi has made a remarkable recovery in recent weeks, appreciating significantly against major international currencies. At the interbank level, the exchange rate currently stands at GH¢13.29 to the US dollar, marking a strong rebound from rates that surpassed GH¢16 earlier this year.
A deliberate path to recovery
Dr. Forson recalled that one of his first commitments upon assuming the role of Finance Minister was to stabilize the local currency, bring inflation under control, and create jobs.
According to him, the government remains focused on achieving these targets through a coordinated economic recovery strategy backed by international support.
“This is not a nine-day wonder,” he said. “There will be stability, the cedi will be stronger, and we expect you to support these efforts so that Ghanaians can feel the impact.”
The Minister’s remarks come on the heels of Ghana reaching a staff-level agreement with the International Monetary Fund (IMF) on the fourth review of its IMF-supported programme.
The agreement is expected to unlock a further disbursement of about $370 million, reinforcing government efforts to rebuild confidence and support economic recovery.
FABAG confirms price reductions
In a welcome development that reflects early gains from the cedi’s appreciation, the Food and Beverage Association of Ghana reported that prices of essential commodities have begun to decline.
The Executive Secretary of FABAG, Mr. John Awuni, told the gathering that importers are already reducing prices to pass the benefits on to consumers.
“We have reduced sugar prices by about 7% as of today, and rice prices have corrected by about 10%,” Mr. Awuni announced.
“As importers, we are aggressively pushing prices down, but unfortunately, others in the value chain are not responding.”
He called for a broader, collective effort to ensure that the gains in currency stability and falling inflation are felt by ordinary Ghanaians.
“We believe this must be a national effort. We are calling for a national campaign for price reductions. If others also respond, it will reflect in the lives of ordinary Ghanaians,” he urged.
A call to action for broader participation
Dr. Forson praised FABAG’s leadership and proactive stance, noting that their efforts set a good example for other trade and business associations.
He encouraged other key stakeholders, including the Ghana Union of Traders’ Associations (GUTA), to respond to the changing economic conditions by adjusting their prices downward.
“We are seeing improvements in the cedi and inflation is slowing. It’s time for businesses to reflect this in their pricing,” the Minister said.
“I appeal to GUTA and others to support this effort so Ghanaians can truly feel the recovery.”
Investor confidence on the rise
The government’s ability to maintain macroeconomic stability amid global headwinds has begun to bolster investor confidence. With improved foreign exchange inflows, debt service relief from the IMF-supported programme, and the growing strength of the cedi, Ghana is gradually restoring credibility in the eyes of domestic and international markets.
The Finance Ministry believes that if current trends continue, the second half of the year could see further reductions in inflation, a drop in the cost of imported goods, and improved purchasing power for Ghanaian households.
These developments would also boost the country’s attractiveness to foreign investors and multinationals considering Ghana as a hub for West African trade.
Building a resilient future
While acknowledging the challenges that still lie ahead, Dr. Forson reaffirmed the government’s readiness to make tough decisions to secure long-term gains.
“We are not out of the woods yet, but we are making progress. We must continue to work together — government, businesses, and consumers — to build an economy that works for all Ghanaians,” he stated.
