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President John Dramani Mahama has stated that the true value of the Ghana cedi against the US dollar lies between GH₵10 and GH₵12.
According to him, the recent appreciation of the local currency is due to a balance between imports and exports, stressing that maintaining a fair equilibrium is essential to achieving the cedi’s true value.
In recent weeks, the Ghana cedi has strengthened significantly against major currencies, making it the world’s best-performing currency since the beginning of April 2025, according to Bloomberg.
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The latest interbank rates released by the Bank of Ghana show that the cedi is buying at GH₵10.244 to the dollar and selling at GH₵10.255.
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Speaking during a meeting with a delegation from the Federation of Associations of Ghanaian Exporters on Tuesday, June 3, President Mahama noted that the economy is on a steady path to recovery.
He assured the business community of prudent economic measures to sustain further gains and create a conducive environment for investment:
When the economy goes out of gear, it affects your businesses directly. I can assure you that we will continue to prudently manage the economy so that you have a predictable environment in which you can make investments, knowing that your return on investment will sustain your businesses.
Commenting on the performance of the cedi, the President emphasised:
Some people say it will come down to 4 cedis. But of course, we know the true value of the cedi is not 4. If it were to fall that far, it would cripple all your export businesses. So, the Governor, the Finance Minister and I met and discussed it, and we believe the real value of the cedi is somewhere between 10 and 12.
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He added:
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Fortunately, the forex auction has brought it to just above 10, and it appears to have stabilised there. I believe that going forward, maintaining a band between 10, 11 and 12 will represent a fair value, encouraging our exports while not making imports so cheap that the market becomes flooded with toothpicks, biscuits, coconuts, and the like.
President Mahama further noted that the current appreciation of the cedi should lead to a reduction in port charges, but he underscored the importance of local production in maintaining a healthy balance between imports and exports.