According to the IEA, current policy measures aimed at stabilizing the currency may offer only temporary relief unless accompanied by significant efforts to enhance domestic productivity—especially in key export-oriented sectors.

Speaking at a press briefing in Accra on Tuesday, May 27, 2025, IEA Fellow Professor Vladimir Antwi-Danso cautioned that the recent appreciation of the Cedi could be short-lived.

He urged policymakers to shift from short-term currency interventions to long-term strategies that strengthen the fundamentals of the economy through increased industrialization, value addition, and export competitiveness.

“Our forex appreciating, and the Cedi also appreciating is not the answer, you must do more. You must try, and be an export economy. That is the only way you stablise your economy. That is the only way you make the other currency lower.

“What we are doing is that we are not stablising permanently. We will relapse. By December I believe that we will relapse. And this is coming from a technical point of view and not political. What I am saying is that it is not yet hurray,” he stated.

Meanwhile, the Governor of the Bank of Ghana, Dr. Johnson Asiamah, has refuted claims that the Central Bank is deliberately manipulating the exchange rate to drive the recent appreciation of the Cedi.

Speaking at the Ghana CEO Summit held in Accra on Monday, May 26, 2025, Dr. Asiamah attributed the Cedi’s performance to sound macroeconomic fundamentals.

“Our Cedi has appreciated by 24.1% against the US dollar. Let me emphasise that the Central Bank is not using international reserves to prop up the Cedi, nor are we engineering an unsustainable appreciation,” he said.

According to Dr. Asiamah, the Cedi’s strength is underpinned by disciplined monetary policy, targeted foreign exchange reforms, improved remittance flows, and enhanced market surveillance.

“These are not short-term interventions—they are deliberate, structural changes aimed at ensuring long-term stability,” he added.