Finance Minister Projects Strong and Sustainable Outlook for Cedi on the Back of GoldBod Operations
Minister for Finance, Dr Cassiel Ato Forson, has projected a strong and sustainable outlook for the Ghana cedi, attributing the local currency’s positive trajectory to the transformative role of the Ghana Gold Board (GoldBod) and a raft of sound economic policies.
Speaking at the inauguration of the 13-member Board of the Ghana Gold Board in Accra, Dr Forson emphasised that the operations of the GoldBod will be instrumental in redefining how the cedi performs and how Ghana accumulates its foreign exchange reserves.
“The outlook for the Ghana cedi remains robust and sustainable, supported by the transformative activities of the GoldBod. The activities of the GoldBod stand to further strengthen the Cedi’s performance. In fact, it will change how both the Ghana cedi and Ghana’s foreign exchange accumulation behave in the future,” he asserted.
Describing the development as a paradigm shift, Dr Forson noted that the new dynamics could render traditional economic models that rely on historical patterns obsolete, possibly resulting in flawed projections that fail to capture the cedi’s true potential.
According to the Finance Minister, the Cedi’s recent rally has been driven by a coordinated macroeconomic policy framework consisting of tight monetary and fiscal policies, enhanced foreign exchange inflows, and improved global conditions.
He explained that the Bank of Ghana, working closely with the Finance Ministry, had adopted a stringent monetary policy regime supported by aggressive liquidity sterilization to curb inflation and stabilize the currency.
He further revealed that increased foreign exchange inflows from gold, cocoa, and remittances, as well as a weakening US dollar due to global economic uncertainties, had bolstered the strength of the cedi in recent months.
“The unprecedented performance of the Ghana cedi has not come at the cost of our safety net. In fact, 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.
“This underscores the sustainability of the cedi’s performance,” he added. The Cedi, as of May 13, 2025, had recorded an appreciation rate of 16.7% against the US dollar, becoming the world’s best-performing currency against the dollar.
The inauguration of the Ghana Gold Board is expected to pave the way for enhanced oversight and strategic direction in Ghana’s gold trade, particularly under the Gold for Reserves programme, which aims to leverage the country’s gold resources to stabilise the currency and build foreign reserves.
