Cedi has witnessed stability since February 19 — Finance Minister

Finance Minister Dr. Cassiel Ato Forson says the Ghanaian cedi has experienced stability since February 19, following interventions by the Bank of Ghana (BoG) aimed at addressing foreign exchange volatility.

Speaking on the floor of Parliament on Tuesday, March 18, Dr. Ato Forson acknowledged the pressures that had led to the cedi’s earlier depreciation but emphasized that the currency has shown resilience in recent weeks.

“The cedi has, however, witnessed stability since 19th February, on the back of central bank forex interventions aimed at improving FX liquidity and market confidence,” he stated.

He further outlined several measures the government will implement to sustain exchange rate stability.

These include the establishment of GoldBod to enhance forex reserves, continued FX forward auctions by the BoG, fiscal consolidation to reduce public spending, and an import substitution strategy under the 24-hour economy policy.

The Finance Minister’s update comes amid ongoing concerns about exchange rate volatility and its impact on businesses and the economy.

Meanwhile, as of Tuesday morning, the Ghanaian cedi was matching the United States dollar, with a buying rate of GHS15.42 per dollar and a selling rate of GHS15.88 as of Monday, March 18, 2025.

At forex bureaus, the cedi was trading at GHS15.75 for those exchanging dollars for cedis and GHS16.15 for those converting cedis to dollars, according toCedirates.com.