Finance Minister Dr. Cassiel Ato Forson has pushed back against claims that Ghana’s cedi has stabilised due to reduced government spending. He labelled such claims as “false and misleading.”
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Speaking in Parliament during the debate on the Energy Sector Levy Amendment Bill, 2025, Dr. Forson attributed the local currency’s improved performance to strategic foreign exchange inflows generated through the Ghana Gold Board.
He revealed that in May alone, the Ghana Gold Board purchased 11.4 tonnes of gold, injecting $1.2 billion into the Bank of Ghana’s reserves.
“The central bank will use this to build enough reserves to intervene and keep the currency strong,” he said.
Dr. Forson stressed that the cedi’s stability is not the result of passive fiscal restraint, but rather an outcome of deliberate policies aimed at increasing foreign reserves and promoting macroeconomic stability.
He assured Ghanaians that the government remains focused on maintaining the cedi’s positive trajectory.
“The Ghana cedi is doing well, and this trajectory will continue,” he stated confidently.
Reaffirming the NDC’s economic vision, the finance minister said the administration is committed to reducing inflation, stabilising prices, and creating sustainable jobs.
“Prices have fallen, inflation is coming down, and the cost of goods is declining. I stand by my promise to deliver low prices, a strong cedi, and more jobs for the people of Ghana,” he added.
