A founding member of the opposition NPP and former CEO of the Volta River Authority, Dr. Wereko Brobbey says the current stability of the Ghana cedi is as a result of what he believes to be fiscal discipline by the government.
This is despite comments from skeptics who say that the current stability may not be sustained.
The Ghana cedi has seen drastic strength against major foreign currencies in the last six months, dropping from almost GHC17 per dollar to now a little over GHC10 per dollar.
Experts say that this is as a result of Ghana’s ongoing recovery from its recent debt default and economic turmoil. Investors have responded positively to the country’s strengthening economy, especially regarding the country’s performance in gold and oil exports, and its ongoing support from the International Monetary Fund (IMF).
Bloomberg data suggests that no other currency has matched the cedi’s gains this year. Many feel impressed by the turnaround of the cedi which in 2022 was described as the world’s worst-performing currency, having lost over 55% of its value during a severe inflation crisis and sovereign debt crises.
Speaking in an exclusive interview with 3news Dr Charles Wereko-Brobbey said the government must be commended for its fiscal discipline.
“What this government has shown so far is that, fiscal discipline and macroeconomic discipline can stabilize, one, the cedi, and can also do a lot to reduce inflation….and I think that we must commend the government and continue to commend the government and continue to ensure that the fiscal discipline and macroeconomic discipline that we have put into place is not lost by people who want to score cheap political point when they failed woefully in their time to do that,” he said.
Ghana’s export earnings have also buoyed by record-high gold prices, which surged from $2,000 per ounce in 2024 to $3,400 in May 2025. With Ghana being the sixth-largest gold producer in the world, it seems things are working together for the current state of the cedi.
