Dr. Cassiel Ato Forson, the Finance Minister, has assured Parliament that the government is taking steps to stabilize the Ghanaian Cedi against major foreign currencies.

On March 18, while addressing lawmakers, Dr. Cassiel Ato Forson emphasized that despite previous difficulties, the government remains dedicated to strengthening the Ghanaian Cedi through targeted measures.

The Cedi has faced notable depreciation in recent years, now trading above 15.5 cedis to the US dollar.

Dr. Forson pointed out a slight improvement in the currency’s performance compared to the previous year, noting, “Mr. Speaker, as of March 14, 2025, the Cedi had depreciated by 5.3% against the US dollar, compared to 5.7% during the same period in 2024.”

He attributed the depreciation of the Cedi to limited foreign exchange liquidity, higher demand from the energy sector, and increased commercial transactions.

Despite these challenges, the Minister noted that the Cedi has shown signs of stability since February 19, attributing this to targeted interventions by the Bank of Ghana to improve foreign exchange liquidity and strengthen market confidence.

“Mr. Speaker, the Cedi has, however, witnessed stability since February 19, thanks to central bank forex interventions,” he stated.

To ensure long-term exchange rate stability, Dr. Ato Forson revealed that the government would introduce several measures to support the Bank of Ghana’s monetary and exchange rate policies.

These measures will include increasing foreign exchange reserves, promoting domestic production through import substitution, and managing external debt obligations.

He reaffirmed the government’s commitment to stabilizing the economy, emphasizing that these policies would help reduce exchange rate volatility and boost investor confidence in Ghana’s financial system.