Ghanaian President John Dramani Mahama on Tuesday attributed the relative stability of the foreign exchange (FX) market to stronger reserves and deliberate policy measures.
Mahama said during the Ghana-European Union Business Forum that the current administration’s commitment and measures to achieve its macroeconomic targets for the year were yielding results, including stabilizing the foreign exchange market.
The president said the local currency’s resurgence is substantially bolstered by the country’s improved gross international reserves, which increased to 10.6 billion U.S. dollars in April from 8.9 billion dollars last December.
“This increase in foreign exchange reserves reflects a resurging investor confidence and enhanced external financial buffers, signalling a promising economic outlook,” he observed.
Besides the FX gains, Mahama said Ghana has been able to reduce the fiscal deficit on a commitment basis to 6.4 percent of GDP in the first quarter of 2025 compared with 7.5 percent over the same period in 2024.
He stressed that the government is committed to meeting the end-year fiscal deficit target of 3.1 percent through judicious expenditure rationalization, enhanced domestic revenue mobilization, and stringent anti-corruption measures.
Moreover, the president said the government is restoring faith in Ghana’s public procurement systems, upholding contract sanctity, and safeguarding investor rights under both domestic and international legal frameworks.
Mahama pledged his government’s commitment to making Ghana a secure and conducive investment environment.
Ghana’s cedi made about 16 percent gains against the dollar in the first quarter of 2025, according to Bloomberg News. Cumulatively, the cedi depreciated against the dollar by 14.6 by May 2024.