Cedi @60: We’re working to guarantee a stable cedi – Mahama

President John Dramani Mahama says his administration is committed to ensuring a stable Ghana cedi as part of broader efforts to strengthen the country’s economic foundation.

He made these remarks in a message marking the 60th anniversary of the Ghana cedi, which replaced the British pound as the nation’s official currency in 1965.

The President commended the Bank of Ghana for maintaining focus on monetary stability and promoting economic progress.

“As we celebrate 60 years of our national currency, it is encouraging that the Bank of Ghana reaffirms its commitment to monetary stability and economic prosperity,” President Mahama stated on X.

He said the government’s Resetting Ghana Agenda is guided by the principle of long-term currency stability rather than short-term strength.

“That is what my #ResettingGhana Agenda is about. What we seek is a stable currency and not a strong #GhanaCedi,” he emphasized.

The President explained that his administration is implementing policies designed to maintain macroeconomic balance, enhance investor confidence, and improve the cost of living.

“My administration is working to guarantee a stable Ghana Cedi to create a conducive environment for business and investment, and to ensure stable food prices, particularly, to benefit the good people of Ghana,” he said.

He further highlighted that a predictable exchange rate plays a vital role in sustaining economic growth and ensuring household welfare.

“A stable cedi means a predictable business environment, affordable food prices, increased investor confidence and sustainable economic growth,” the president remarked.

This year, the cedi has shown notable resilience, appreciating against major foreign currencies, particularly the U.S. dollar, a development analysts attribute to prudent fiscal management and stronger foreign exchange inflows.

President Mahama reaffirmed his government’s resolve to keep the cedi stable while pursuing inclusive growth.

“We remain focused on restoring confidence in the Ghanaian economy, ensuring that every citizen feels the positive impact of a stable currency,” he added.