The Bank of Ghana (BoG) is set to introduce new measures to stabilize the cedi and reduce exchange rate volatility.
Finance Minister Dr. Cassiel Ato Forson announced this while presenting the 2025 Budget Statement and Economic Policy to Parliament on March 11.
He acknowledged that cedi stabilization was crucial in reducing the cost of living and helping businesses plan effectively.
“Our engagements with traders and businesses indicate that exchange rate instability is one of the biggest challenges they face. This budget addresses these concerns with a concrete plan,” he said.
As part of the stabilization plan, the central bank will strengthen regulations on forex trading to curb speculation that artificially increases demand.
BoG will also intensify monitoring of forex bureaus and banks to ensure compliance with exchange rate policies.
Additionally, the central bank will boost foreign reserves through an improved gold-for-oil policy and measures to increase exports.
Dr. Forson noted that the government is working with the private sector to expand local production, reducing Ghana’s reliance on imports, which has been a major factor in the cedi’s depreciation.
He assured businesses that stabilization remains a priority for the Mahama administration, as it will help lower inflation and create a more predictable economic environment.