President John Dramani Mahama has stated that the cedi at GHS 4 to $1 is unrealistic.
John Mahama noted that projections suggesting the cedi could strengthen to GHS 4 to the dollar are unrealistic.
According to John Mahama, he and the BoG Governor and the Finance Minister met and discussed the cedi and they think the real value of the cedi is anywhere between 10 and 12.
John Mahama noted that the cedi has stabilized at that level, emphasizing the need for a fair balance in achieving the currency’s actual worth.
He added that the exchange rate between GHS 10 and GHS 12 to the dollar range better supports Ghana’s exporters.
President Mahama speaking during a meeting with the Federation of Associations of Ghanaian Exporters detailed, “The recent appreciation of the value of the cedi is one that we have kept watching, as the cedi started to strengthen and the dollar depreciated, with our A-level economics we all know that it is a balance between import and export. What this means is that it makes your imports cheaper, and your exports more expensive so there must be a fair balance to try and achieve the true value of the cedi”.
He added, “Some people say it will come down to four but of course, we know the truth of the cedi is not 4, and when it goes down as far as 4 it will kill your export businesses. My self the Governor and the Finance minister met and discussed it and they think that the real value of the cedi is anywhere between 10 and 12.
Luckily the Forex auction has brought it to just above 10 and it appears to have stabilized. Going forward anything between 10, 11 and 12 where the cedi operates will be a fair value both to encourage our export and at the same time not make imports so cheap that importers will flood our market with toothpicks and biscuits”.
John Mahama also asserted that it is a challenge for exporters to take advantage of the Cedi appreciation as raw materials can be cheaper.
John Mahama continued, “Fuel has gone down so transporting your product will be cheaper, port charges will go down, so it has an incentive for you and at the same time has an incentive for importers”.
He further urged importers to import substitutes for Ghana to produce as many of the products that are imported from outside to be produced in the country.
Watch the video below:
President John Mahama has revealed that the true value of the Ghanaian cedi is likely between 10 and 12 to the dollar, and it appears to have stabilized at that level, emphasizing the need for a fair balance in achieving the currency’s actual worth. pic.twitter.com/SHFJ6if0PQ
— SIKAOFFICIAL🦍 (@SIKAOFFICIAL1) June 3, 2025
