Finance Minister Dr. Cassiel Ato Forson has dismissed claims that the recent stability of the Cedi is due to a reduction in government spending, describing such assertions as false and misleading.
Speaking during the debate on the Energy Sector Levy Amendment Bill, 2025 in Parliament on Wednesday, Dr. Forson explained that the strengthening of the local currency is instead the result of strategic foreign exchange inflows from the operations of the Ghana Gold Board.
“For the first month of operation of the Ghana Gold Board, for the month of May, they were able to buy 11.4 tonnes of gold, which brought in $1.2 billion that has gone to the central bank,” he revealed.
“The central bank will use this to build enough reserves to intervene for the currency to be strong.”
The Minister was emphatic in stating that the stability of the cedi is not a side effect of government inaction or reduced expenditure, but a calculated outcome of policy interventions designed to build foreign exchange reserves and support macroeconomic stability.
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“I want to assure the people of Ghana that the currency will remain stable. The Ghana cedi will remain strong. The Ghana cedi is doing well, and this trajectory will continue,” Dr. Forson assured.
He also reaffirmed the broader economic vision of the National Democratic Congress (NDC), stating that the party is committed to creating a resilient economy that delivers lower prices, job creation, and exchange rate stability.
“We mean well—prices have fallen, inflation is coming down, we can see prices of goods coming down daily. This will continue, and so, you should be happy. I stand by my promise to deliver low prices, a stable cedi, and good jobs for the people of Ghana,” he said.
