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President John Dramani Mahama has dismissed suggestions that the Ghana cedi could appreciate to GHS4 against the US dollar, describing such projections as unrealistic and economically harmful.
Speaking during a policy dialogue with the Federation of Associations of Ghanaian Exporters (FAGE) on Tuesday, June 3, President Mahama stated that a fair and sustainable exchange rate should range between GHS10 and GHS12 to the dollar to ensure competitiveness and macroeconomic stability.
“Some people say it will come down to four, but of course, we know the true value of the cedi is not four. If it went as far down as four, it would kill all our export businesses,” Mahama noted.
He added that following consultations with the Bank of Ghana and the Finance Ministry, there is consensus that the real value of the cedi lies within the GHS10–GHS12 band. “Luckily, the forex auction has brought it to just above 10, and it appears to have stabilised there,” he said.
Mahama emphasised that maintaining the cedi within this band is essential—not only to support Ghana’s export sector but also to prevent a surge in imports that could destabilise local markets.
He also called for targeted incentives for exporters and the removal of bureaucratic bottlenecks hindering trade. “The more we export and earn foreign exchange, the more we relieve pressure on the cedi. It’s a simple equation that requires a serious national commitment to value addition and trade facilitation,” he said.
The FAGE leadership welcomed the engagement, calling it a timely step toward aligning policy with business realities.
Mahama’s comments come amid renewed calls for long-term strategies to build a resilient, export-driven economy. Global economic analysts, including Fitch Solutions, have revised Ghana’s end-of-year exchange rate forecast for the cedi to GHS13.0/USD from a previous GHS15.5/USD. The cedi’s recent 30% appreciation, attributed to rising global gold prices, is expected to ease inflation and give the central bank room to adjust monetary policy later this year.
