Joe Jackson Backs Cedi at GH¢12/$1, Says Current Exchange Rate Level ‘More Defensible’
The cedi’s recent slide past GH¢12 to the dollar represents a more sustainable equilibrium for the economy, according to Joe Jackson, Chief Executive Officer of Dalex Finance.
Speaking on the Point of View programme on Monday, September 8, 2025, Mr Jackson said the currency’s earlier strength — trading around GH¢10.5 in the first half of the year — had been artificially supported by Bank of Ghana interventions.
“So long as the central bank was intervening, the rates were around 10, 11. Then the central bank announced that it wouldn’t intervene anymore, and the rate shot up from 10, 11 to the 12 plus,” he noted.
Mr Jackson argued that the current level, though weaker, provides a “far more defensible position” for policymakers.
“It is my opinion that the rate of 12 plus is a far more defensible position for the Central Bank than 10.5. And that the 10.5, even though it had a really feel-good factor and everybody became bullish, over time because of how much the cedi was over-valued, would have brought us challenges,” he added.
His remarks highlight the delicate balancing act facing the central bank and the Mahama administration as they seek to anchor stability in the foreign exchange market while supporting broader economic growth.
The cedi is currently among the world’s best-performing currencies in 2025, having appreciated against the US dollar by 21.9% on a year-to-date basis.
