24-hour economy, Gold Board will bolster Cedi, prevent depreciation — Finance Minister

Finance Minister Dr. Cassiel Ato Forson has outlined key government initiatives aimed at stabilizing the cedi and preventing further depreciation.

He said the 24-hour economy policy and the establishment of the Gold Board (GoldBod) will play critical roles in strengthening the local currency.

Speaking in Parliament on Tuesday, March 18, Dr. Forson noted that while the cedi had depreciated by 5.3% against the US dollar as of March 14, it had shown signs of stability since February 19 due to targeted interventions by the Bank of Ghana (BoG).

To sustain this stability, he highlighted the government’s strategic measures, including boosting forex reserves through GoldBod and reducing reliance on imports by promoting local production under the 24-hour economy initiative.

“The establishment of the GoldBod will enhance the generation and accumulation of forex to support the stability of the cedi,” Dr. Forson stated.

He further explained that the import substitution drive under the 24-hour economy policy will ease demand for foreign exchange, which will help maintain exchange rate stability.

“Our import substitution drive under the 24-hour economy, involving the domestic production of key products originally imported, will reduce imports and related FX requirements, boding well for FX stability,” he added.

The Finance Minister assured that these measures, along with fiscal consolidation and continued BoG forex interventions, will help maintain a stable currency and protect the economy from external shocks.