IMANI Africa president, Franklin Cudjoe
Policy think tank, IMANI Africa, has attributed the continuous depreciation of Ghana’s local currency to high import levels and increasing inflationary pressures.
According to the President of IMANI Africa, Franklin Cudjoe, the government must prioritize boosting the country’s foreign exchange reserves.
He pointed out high exports, attracting Foreign Direct Investments (FDIs), and remittances as key areas where the government could generate revenue for the state.
In a report cited by GhanaWeb Business, Franklin Cudjoe emphasised that promoting agriculture and manufacturing is crucial to strengthening the cedi.
He stated that, “The cedi’s continued depreciation, currently at 15.53 to the dollar, is raising the cost of imports and increasing inflationary pressures. To stabilize the currency, the government must focus on boosting foreign exchange reserves through increased exports, foreign direct investment (FDI), and remittances.”
“Reducing import dependency by promoting local production, particularly in agriculture and manufacturing, will also be key. Encouraging non-traditional exports such as processed cocoa, textiles, and tech services can help Ghana diversify its revenue base and strengthen its external position,” he added.
As of Wednesday, April 2, 2025, the cedi is trading at GH¢16.00 to the dollar.
The pound is trading at GH¢20.60 at major forex bureaus across the country, while the euro is trading at GH¢17.40 on the retail market.
SA/MA
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