Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has announced that the depreciation of the Ghanaian Cedi against the U.S. dollar has slowed to 5.3% as of March 14, 2025, compared to 5.7% recorded during the same period last year.
Speaking in Parliament on Monday, March 18, Dr. Forson revealed that the current exchange rate stands at GH₵15.53 per dollar, showing a slight improvement in the rate of depreciation.
“Mr. Speaker, as of March 14, 2025, the Ghana Cedi exchange rate stood at GH₵15.53 per dollar. The Cedi has depreciated by 5.3% compared to 5.7% in the same period last year, marking a reduction in the depreciation rate by 0.4%,” he stated.
He attributed the depreciation to tight forex liquidity, increased demand for foreign exchange from the energy sector, and commercial transactions. However, he noted that the local currency has shown relative stability since February 19, 2025, due to interventions by the Bank of Ghana (BoG).
To address the Cedi’s depreciation, Dr. Forson highlighted key policies being implemented by the government and the Central Bank, including:
1. Ghana Gold Board: The establishment of this board aims to boost foreign currency inflows by enhancing Ghana’s gold exports.
2. Bank of Ghana’s Forex Interventions: The Central Bank continues to implement strategic forex interventions, including export options, to maintain stability.
3. Fiscal Consolidation: The government is prioritizing expenditure reduction as part of its broader efforts to stabilize the economy and support the Cedi.Despite ongoing economic pressures, the Finance Minister expressed optimism that these measures would help curb further depreciation and strengthen the Cedi in the coming months.
