Cedi to Stay Strong as Gold Earnings Boost Reserves – Finance Minister Assures Parliament-Ghana

Finance Minister Dr. Cassiel Ato Forson has assured Ghanaians that the national currency, the Cedi, will remain stable against major foreign currencies. Speaking in Parliament on June 4, 2025, he highlighted ongoing efforts to reinforce the currency’s strength as part of the government’s broader economic recovery plan. The Minister reaffirmed his commitment to curbing inflation, stabilizing prices, and expanding job opportunities.

Dr. Forson revealed that the government is channeling foreign exchange earnings from the Ghana Gold Board directly to the Bank of Ghana (BoG). This strategy, he explained, is meant to build the central bank’s reserves, allowing it to intervene effectively in the currency market. He noted that in May alone, the Gold Board bought 11.4 tonnes of gold, generating $1.2 billion in revenue for the central bank.

While addressing the Energy Sector Levy Amendment Bill, Dr. Forson reassured Parliament of the currency’s positive outlook. “The Ghana Cedi is doing well, and this trajectory will continue,” he said. He added that the National Democratic Congress (NDC) government is committed to finding sustainable solutions to maintain currency stability and economic growth.

He further pointed out that inflation is gradually declining and the prices of goods are easing, reflecting early signs of a recovering economy. The Minister emphasized that these trends are a direct result of sound fiscal management and responsible monetary interventions made possible by the gold-backed reserve strategy.

In closing, Dr. Forson rejected assertions that the Cedi’s current stability is merely a result of government spending cuts. He maintained that the improvements are structural and intentional, driven by policies that aim to deliver tangible economic benefits to the Ghanaian people.

Source: Citi newsroom