The Bank of Ghana (BoG) is preparing to implement new measures aimed at stabilizing the cedi and reducing exchange rate fluctuations.
Finance Minister Dr. Cassiel Ato Forson made the announcement while presenting the 2025 Budget Statement and Economic Policy to Parliament on March 11.
He emphasized that stabilizing the cedi is essential for lowering the cost of living and enabling businesses to plan effectively.
“Our engagements with traders and businesses indicate that exchange rate instability is one of the biggest challenges they face. This budget addresses these concerns with a concrete plan,” he said.
As part of the stabilization plan, the central bank will tighten regulations on forex trading to prevent speculative activities that drive up demand artificially.
The Bank of Ghana (BoG) will also enhance monitoring of forex bureaus and banks to ensure strict compliance with exchange rate policies.
Additionally, the central bank aims to strengthen foreign reserves by improving the gold-for-oil policy and implementing measures to boost exports.
Dr. Forson highlighted the government’s collaboration with the private sector to expand local production, reducing Ghana’s dependence on imports, a key factor in the cedi’s depreciation.
He reassured businesses that stabilization remains a top priority for the Mahama administration, as it will help lower inflation and create a more stable economic environment.
