Minister for Finance, Dr Cassiel Ato Forson, has revealed the factors that have led to the cedi's "unprecedented" performance.

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As of May 13, the Ghana cedi appreciated by 16.7% against the US dollar, making it the world’s best-performing currency so far this year.

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He cited stringent monetary policy, complemented by aggressive liquidity sterilization, and disciplined fiscal stance anchored around prudent public finance management.

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Bolstering these efforts, he said, included "enhanced foreign exchange inflows from gold, cocoa, and remittances, alongside a softening US dollar amid global uncertainties."

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According to Forbes, the dollar has depreciated by 8% in 2025, whereas gold prices have hiked by 23%. This has been reported as investors seek safe haven assets.

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They "have significantly driven the strength of the Ghana cedi," the sector minister confirmed.

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Dr Cassiel Ato Forson made this known today when he inaugurated the newly constituted Board of Directors of the Ghana Gold Board (GoldBod).

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He noted that the performance of the Ghana cedi has not come at the cost of the country's safety net.

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"In fact, our foreign exchange reserves at the Bank of Ghana reached a record-high in April 2025, surpassing targets set under the IMF-supported programme ahead of schedule ," he added.

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He asserts that the Ghana GoldBod will be key to sustaining this progress and ensuring the sector contributes even more meaningfully to the economic transformation.

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Dr Forson extended President John Dramani Mahama's congratulations to the 13-member board led by Mr Kojo Fynn and charged them to work hard to support and sustain this trajectory.

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https://tigpost.co/wp-content/uploads/2025/05/Board-of-Directors-of-the-GoldBoard-1024x683.jpegBoard

of Directors of the GoldBoard

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"I am confident the new board, under the able leadership of Mr. Kojo Fynn, will discharge its duties with integrity, professionalism and a deep sense of national responsibility. Let’s continue building a stronger, more resilient economy together."

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Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has assured that the days of sharp and unpredictable swings in the value of the Ghanaian cedi are gradually fading, crediting this to improved inflows and ongoing reforms in the foreign exchange market.

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The average interbank rates used by commercial banks for transactions at the close of business, 16th May, show the US dollar buying at GH₵12.31 and selling at GH₵12.32. The British pound is buying at GH₵16.32 and selling at GH₵16.33. The euro is currently being bought at GH₵13.71 and sold at GH₵13.72.

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Owing to the cedi's appreciation, a section of the general public are calling for the reduction in the prices of goods and services to reflect the gains recorded.

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