President John Mahama has dismissed projections that the Ghana cedi could appreciate sharply to as low as GH¢4 against the US dollar, warning that such an outcome would be harmful to the country’s export-driven sectors.
Instead, he has suggested a more balanced exchange rate band of GH¢10 to GH¢12 as the most realistic and sustainable for Ghana’s economy.
“The cedi falling to GH¢4 may sound good to some, but let’s be honest—it would destroy our export industry,” the President told members of the Federation of Association of Ghanaian Exporters (FAGE) during a stakeholder engagement. “We know that’s not the true value.”
He explained that discussions with the Finance Minister and the Governor of the Bank of Ghana have led to a consensus that the cedi’s fair value lies in the GH¢10 to GH¢12 range.
According to Mahama, this rate offers a stable environment for both exporters and importers without undercutting the competitiveness of locally produced goods.
Recent forex auctions, which have pushed the cedi above GH¢10 to the dollar, were cited as indicators of an emerging equilibrium.
“That’s where we see it settling—and we believe it gives our exporters a fair chance,” Mahama added.
While encouraging exporters to take advantage of the current economic conditions—marked by lower fuel prices, reduced port charges, and cheaper inputs—he also urged importers to act responsibly.
“Don’t use this as an excuse to flood the market with imports. We must use this window to scale up local production and move toward import substitution,” he said.
