President John Dramani Mahama has urged that the recent appreciation of the Ghanaian cedi should translate into improved purchasing power, greater business confidence and financial relief for households.
He said the benefits of a stronger local currency must extend beyond its performance against major international currencies to make a tangible difference in the everyday lives of Ghanaians.
Speaking at the unveiling of the Bank of Ghana’s Heritage Series, President Mahama said the currency’s improved performance should create a more predictable business environment, allowing importers and manufacturers to make financial and production decisions with greater confidence.
He explained that businesses should be able to order supplies and plan production without constant concerns about exchange rate volatility, while households should experience greater security in managing their incomes and savings.
“For the manufacturer, it should give greater confidence when planning their production. For the family, it must give greater confidence that income and savings will meet their needs,” he said.
The President emphasised that the ultimate measure of currency stability should be its impact on economic activity and the living conditions of citizens.
“The strength of our currency must be felt in the everyday lives of our people,” he stated.
Mr Mahama attributed his confidence in the cedi’s long-term prospects to the productive potential of Ghanaians, arguing that expanding domestic production would provide a stronger foundation for currency stability.
He said his government’s New Economy programme was designed to strengthen the country’s productive capacity, reduce economic vulnerabilities and support the long-term sustainability of the local currency.
“I’m confident in the cedi’s future because I’m confident in the productive capacity of the Ghanaian people. As we expand that capacity through the New Economy programme, we will strengthen the foundations of our currency,” he said.
