Mahama vows to stabilize cedi, targets 5% depreciation margin annually

President John Dramani Mahama has assured Ghanaians that his administration is committed to ensuring stability of the national currency.

He pledged that any depreciation of the cedi will be kept within a margin of about 5 percent annually.

Addressing the media in his first press encounter since assuming office in January, the president noted that the cedi had experienced steep fluctuations, including a 25 percent depreciation in the first half of 2024, which created challenges for planning and trade.

He explained that while a stronger cedi had encouraged imports due to cheaper access to dollars, exporters were left dissatisfied as they earned fewer cedis for their exports.

“Every country tries to find a balance where exporters can do good business and importers are not overburdened by high forex rates,” President Mahama said.

He expressed confidence that the cedi was undergoing an adjustment and would eventually settle at a stable rate.

“We’ll make sure that any depreciation that occurs in the value of the cedi is within a margin of about 5 percent per annum. That is what we target,” he emphasized.

Touching on the issues of illegal mining he stressed that protecting Ghana’s forests remains a priority.

“Let me be clear, since my administration resumed office, not a single license has been issued to any company to mine in our forest reserves.

“The repeal of Li 2462 is, therefore, intended just to crystallise in law what we have already demonstrated in practice, which is our commitment to protect these forest reserves.”

President Mahama outlined sweeping actions against illegal mining.

“A dedicated national task force is currently in place, actively combating the menace of illegal mining. As a result of their operations, hundreds of excavators, water pumps, and other heavy equipment have been seized, disrupting the networks that have long exploited our lands and our rivers.”

The President also highlighted gains in reclaiming degraded lands.

“Nine forest reserves have been successfully recovered from the grip of illegal miners, restoring these vital ecosystems under state protection.”

President John Mahama said the government is focused on long-term restoration efforts.

“Our tree for life initiative is being actively rolled out across the country, targeting the restoration of lands degraded by legal mining activities.”

He assured citizens that accountability remains central to his leadership.

“My friends understand that public accountability and the recovery of looted state resources are the top of your expectations from my government, and let me assure you, my fellow citizens, that we’ve not wavered in our commitment for even a moment, neither have we been complacent.”