At the recent 11th Absa-UPSA Quarterly Banking Roundtable, Adolph Kpegah, Executive Director of Strategy and Operations at Absa Bank Ghana Ltd., emphasized that rebuilding public trust in the Ghanaian cedi hinges on consistent macroeconomic policies and sustained stability.
Addressing the complex issue of why many businesses continue to price goods and services in US dollars, Mr. Kpegah pointed to the cedi’s historical volatility as a key factor driving this dollarization trend. “When a currency struggles to maintain its value, economic actors naturally gravitate toward alternatives that protect their interests,” he explained.
While acknowledging early signs of positive change — such as some real estate businesses returning to cedi pricing following currency appreciation in early 2025 — he cautioned that meaningful shifts in public behavior will require prolonged periods of economic steadiness.
Mr. Kpegah called for a holistic policy framework that avoids abrupt fiscal or monetary shifts, strengthens enforcement of foreign exchange regulations, and anticipates external shocks through prudent fiscal management. He lauded recent coordinated efforts by the Bank of Ghana and Ministry of Finance but noted that external global factors continue to impact domestic outcomes.
“The journey to restore confidence in the cedi is complex and demands not just policy discipline but also institutional credibility and a concerted effort to reshape public perception,” he stressed.
Highlighting the significance of platforms like the Absa-UPSA Quarterly Banking Roundtable, Mr. Kpegah praised the inclusion of students in these critical dialogues, framing it as essential for grooming future leaders equipped to address Ghana’s economic challenges.
Organized by the UPSA Law School in partnership with Absa Bank Ghana, the roundtable continues to foster cross-sector conversations among finance, legal, and academic leaders, aiming to promote accountability and innovation in Ghana’s evolving economic landscape.
