Ghana’s local currency, the cedi, has recently enjoyed a notable period of stability and appreciation, and according to financial expert Joe Jackson, this success story isn’t just a matter of luck.
The CEO of Dalex Finance believes that a unique alignment of global economic factors and Ghana’s own internal discipline created the perfect conditions for this rebound.
Speaking on Citi FM’s Eyewitness News on Friday, May 9, Jackson provided an in-depth analysis of what he describes as a rare moment where opportunity met preparation.
His comments came at a time when many Ghanaians have been cautiously optimistic about the currency’s performance after years of volatility and depreciation.
“The situation is good. We are in a good space,” Jackson remarked. “We are in a good space because the stars aligned for us and, better still, because of our internal commitments and discipline that we’ve shown this year—we were able to take advantage when the stars aligned.”
For Jackson, this alignment is not a mystical phenomenon but rather a reference to a set of favourable economic developments on the global stage—particularly the performance of gold, one of Ghana’s major exports.
“First of all, our central bank has consistently sought to increase its gold reserves. By doing that, it was taking advantage of the stars aligning,” he said. “In the last eight years, gold has consistently outperformed the dollar—by over 100%.”
Ghana’s gold production and the government’s push toward policies like the Gold-for-Oil programme and the anticipated gold-backed bond (Goldbod) initiative have started bearing fruit.
These measures are aimed at leveraging the country’s gold wealth to reduce dependence on foreign currency and strengthen the cedi.
“The issue of goldbod and its implementation possibly in transparent and an accountable manner meant that we were going to retain far more value in our gold…So there was that internal commitment to prudent economic behaviour,” Jackson added.
This commitment, he emphasized, is a significant shift in how Ghana has traditionally managed its natural resources. Instead of simply exporting raw gold and relying heavily on external aid, the country is beginning to capture more value locally—through both policy and practice.
The timing of these initiatives, coupled with the global rise in gold prices and a relatively stable global economic climate, helped lift investor confidence and provided the Bank of Ghana with tools to stabilize the local currency.
Jackson’s comments come at a time when international markets are taking a renewed interest in Ghana, and local businesses are slowly regaining hope.
