The National Democratic Congress (NDC) government is committed to ensuring fiscal discipline to keep the cedi stable and sustain the gains recorded just five months after the administration took over.
Eric Edem Agbana, Member of Parliament for Ketu North in the Volta region, expressed this optimism, being certain that the government will stabilise the dollar’s value.
Speaking on the BigIssue on TV3’s NewDay on Monday, May 26, 2025, the legislator said the government has implemented pragmatic measures warranting the cedi’s appreciation on the forex market, and expressed hope that it will soon reach below GHC 8.00.
“Government is committed to proper management of the economy and that is what we are seeing. We will not go and organise kenkey parties and celebrate things that don’t exist.
“We are committed to ensuring, and I will be very happy, and I know, very soon, the cedi will break the 8 and then the dollar will be less than GHC8.00,” he stated.
Meanwhile, he expressed disappointment in some traders who are refusing to reduce the prices of their goods to reflect the gains made by the cedi so far.
He believes some of these traders are doing so merely to sabotage the government.
“I also know that some traders, deliberately, as a way of sabotaging government have refused to reduce their prices and we’ve seen it in this country before,” he noted.
He cited previous instances where traders reduced the prices of their goods because the NPP government had come into power, noting how the reduction couldn’t be sustained because it was artificially engineered.
“You could recall, in 2017, when the new government was sworn-in, some traders in Abossey Okai reduced their prices drastically. After President Akufo-Addo won the election, some traders in Abossey Okai, who were very vocal, campaigning against the then Mahama administration, reduced their prices. Some reduced it by 50%, even when there was no deliberate government policy that led to the reduction of those prices.”It wasn’t sustainable because it was done for political reasons. But what we have today is a deliberate government policy to have prices of these items reduced and yet some are refusing to respond because for them, it is politics as usual,” he recounted.
Government, particularly the Bank of Ghana, has adopted measures to help the Ghana cedi appreciate. As of May 22, 2025, the cedi had appreciated by 24.1% against the US dollar, 16.2% against the British Pound and 14.1% against the Euro according to the data by the Bank of Ghana.
Per the May 2025 Summary of Economic and Financial Data, the cedi is currently trading at around GH₵11.85 to the dollar – GH₵15.84 to the British Pound and GH₵ 13.34 to the Euro.
The government and the Central Bank attribute the rally to a mix of fiscal tightening, improved gold reserves, and sound economic policies. This has led to a reduction in fuel prices, with the government urging traders to reduce the cost of their goods to reflect this. However, some traders have refused to do so.
Meanwhile, Agbana expressed confidence in the team leading the charge for the cedi’s consistent appreciation, adding that the economy has been put on the right path.
“I’m confident in Dr. Ato Forson, in Sammy Gyamfi and Dr. Johnson Asiama. They are doing a great job in managing the economy. Forex is doing well, Ghana is on the right path and I’m happy because my government is performing,” he added.
