John Dramani Mahama is President of Ghana
President John Dramani Mahama has stated that projections suggesting the cedi could strengthen to GH¢4 to the dollar are unrealistic.
According to him, a fair and sustainable exchange rate lies between GH¢10 and GH¢12 to the dollar, a range he says better supports Ghanaian exporters.
Speaking at a meeting with the Federation of Associations of Ghanaian Exporters (FAGE), President Mahama acknowledged the recent strengthening of the local currency but cautioned that an overly strong cedi could harm the competitiveness of Ghana’s export sector.
“Some people say the cedi could fall to GH¢4, but we know the true value is not there. If it drops that low, it will kill all export businesses,” he stated.
He revealed that, following strategic consultations with the Minister for Finance, Dr. Cassiel Ato Forson, and the Governor of the Bank of Ghana, Dr. Johnson Asiama, government experts had aligned on the GH¢10 to GH¢12 band as the cedi’s “real value.”
He added that recent developments, including the latest foreign exchange auction, had already pushed the exchange rate above GH¢10, signaling a return to a more stable currency environment.
President Mahama further encouraged exporters to take full advantage of the more favorable rate, adding that this environment should serve as a catalyst for expanding exports.
He said, “Cheaper fuel, lower port charges, and reduced raw material costs should drive production and improve competitiveness.”
The President’s remarks come amid increasing scrutiny of Ghana’s economic outlook and exchange rate dynamics, particularly as the country navigates post-COVID recovery efforts and continues structural reforms under international support programs.
President Mahama: Cedi at GHS 4 to $1 Unrealistic, GHS 10–12 More Sustainable
President Mahama says projections suggesting the cedi could strengthen to GHS 4 to the dollar are unrealistic. He believes a fair and sustainable exchange rate lies between GHS 10 and GHS 12 to the… pic.twitter.com/KqHNpwk8cy
— CITI FM 97.3 (@Citi973) June 3, 2025
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