Finance Minister Dr. Cassiel Ato Forson has reiterated the Mahama administration’s commitment to maintaining fiscal discipline and a stable Cedi as Ghana marks the 60th anniversary of its national currency.
In a statement, Dr. Forson said prudent fiscal management has contributed to the cedi’s recent appreciation and pledged to safeguard its gains.
“Our strong commitment to fiscal discipline has strengthened the currency,” he said.
“We must all protect the cedi by avoiding the pricing of goods and services in foreign currencies. The US dollar is not our currency. Let us trade and speak proudly about the cedi as a badge of economic independence.”
The Minister urged citizens to help preserve the cedi’s value and support government efforts to stabilize the economy.
However, Ofoase Ayirebi MP Kojo Oppong Nkrumah has questioned the sustainability of the cedi’s appreciation against major currencies, arguing that it is driven largely by heavy market intervention by the Bank of Ghana (BoG).
Speaking in Parliament, he said the central bank injected about $1.3 billion into the market in October alone to support the local currency.
“As we celebrate 60 years of the cedi, the key question is what is its real value and what can it buy?” he asked.
“If the central bank stopped intervening, would we still see this 37.4% appreciation? I doubt it.”
Oppong Nkrumah attributed the recent forex inflows to the BoG’s Gold Purchase Programme, which increased Ghana’s gold reserves from 8 to 30 tonnes.
He emphasized that while the programme has helped stabilize the market, long-term sustainability depends on strengthening the fundamentals of the economy.
