Cedi to stabilise between GH¢10 and GH¢12 against dollar – Mahama

President John Mahama has projected that the Ghana cedi will stabilise within a band of GH¢10 to GH¢12 against the US dollar, describing it as a fair value to support both exporters and importers while maintaining macroeconomic stability.

Speaking at a meeting with the Federation of Association of Ghanaian Exporters (FAGE), the President acknowledged recent currency appreciation but cautioned against an excessively strong cedi, which could harm export competitiveness.

“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 said.

Following consultations with the Finance Minister and the Bank of Ghana Governor, the government believes the cedi’s real value lies between GH¢10 and GH¢12. The recent forex auction has already brought the exchange rate above GH¢10, signalling stability.

President Mahama urged exporters to capitalise on the favourable rate, noting that cheaper fuel, lower port charges, and reduced raw material costs should boost production.

However, he cautioned importers against flooding the market with foreign goods, urging a shift towards local production and import substitution.