Deloitte recommends bold policy mix to sustain cedi gains

Deloitte Ghana is calling on government policymakers to implement a comprehensive, multi-pronged economic strategy to consolidate the recent strength of the Ghana cedi and ensure long-term currency stability.

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In a newly released report titled “Unpacking the Ghana Cedi’s Resurgence,” the consultancy attributes the cedi’s rebound to a mix of tight monetary policy, fiscal discipline, strong export performance, and renewed investor confidence under the ongoing IMF programme.

So far in 2025, the cedi has appreciated by 44.5% against the US dollar, 33% against the euro, and 35.4% against the British pound, marking a sharp turnaround from years of depreciation.

The report credits the rebound to several key factors:

• Improved reserves, buoyed by strong gold and cocoa exports and the Bank of Ghana’s gold-buying programme.
• A favourable global environment, including weaker dollar conditions and rising commodity prices.
• Tight fiscal and monetary controls.

However, Deloitte warns that these gains are fragile and could be reversed without policy consistency and structural reforms.

Key Recommendations

1. Maintain fiscal discipline by cutting exemptions, widening the tax net, and managing debt.
2. Diversify exports and invest in value-added processing for traditional commodities like cocoa, gold, and crude oil.
3. Boost non-traditional exports such as processed goods, digital services, and tourism.
4. Encourage FDI and remittances by building investor confidence and engaging the diaspora with targeted financial instruments.
5. Support import substitution through agricultural modernization and manufacturing incentives.
6. Safeguard central bank independence and ensure transparent market interventions.

Deloitte also emphasized the need to tackle inefficiencies in the energy sector, calling for reforms that reduce power sector debt and enhance reliability to support industrial growth.

“The government must adopt a long-term approach. Sustaining cedi stability means fixing the fundamentals and building economic resilience,” the report concludes.