Ghana’s economic narrative has taken a dramatic turn, with the nation’s currency, the cedi, emerging as a global frontrunner in 2025.
Finance Minister Dr. Cassiel Ato Forson, speaking at the inauguration of the Ghana Gold Board (Goldbod), attributed this remarkable feat to the Mahama administration’s unwavering commitment to fiscal discipline and sweeping economic reforms.
Dr. Forson highlighted the cedi’s stellar performance, noting its impressive 16.7% appreciation against the US dollar year-to-date as of May 13, 2025.
This stands in stark contrast to the 13.4% depreciation witnessed during the corresponding period in 2024. The Minister proudly announced that the cedi had earned the distinction of being the world’s best-performing currency in April 2025.
This positive trajectory, according to Dr. Forson, is underpinned by a “robust policy framework” that prioritises macroeconomic stability and close coordination between the Ministry of Finance and the Bank of Ghana.
He emphasised the central bank’s stringent monetary policy, characterised by aggressive liquidity management, working in concert with the Finance Ministry’s prudent fiscal measures.
These include rigorous expenditure control, enhanced revenue mobilisation, and a steadfast commitment to financial transparency. This alignment, the Minister asserted, has bolstered macroeconomic fundamentals and significantly boosted investor confidence.
Forex Inflows and Global Dynamics Fuel Cedi’s Rally
Dr. Forson pointed to strong foreign exchange inflows from Ghana’s key exports – gold, cocoa, and remittances – as pivotal in the cedi’s resurgence. Adding to this favourable environment was a softening of the US dollar, driven by global economic uncertainties, which further tilted the advantage towards Ghana.
Crucially, Dr. Forson reassured stakeholders that the cedi’s gains were not achieved at the expense of national financial security. He revealed that the Bank of Ghana’s foreign exchange reserves reached an unprecedented high in April 2025, exceeding targets set under the IMF-supported programme ahead of schedule. “This underscores the sustainability of the cedi’s performance,” he affirmed, stressing that this progress has been made without compromising essential fiscal buffers or emergency funds.
Goldbod: A Catalyst for Economic Transformation
Looking ahead, Dr. Forson expressed strong optimism about the transformative role of the newly established Ghana Goldbod in solidifying Ghana’s economic gains.
He posited that the operationalisation of the Goldbod would usher in a new era in Ghana’s approach to currency stabilisation and foreign exchange accumulation.
By refining the governance of Ghana’s gold trade and enhancing transparency in the bullion market, the Board is expected to be a game changer in diversifying forex inflows and reducing the nation’s reliance on external borrowing.
Dr. Forson suggested that the emergence of institutions like the Goldbod could render traditional economic models that fail to account for these evolving dynamics increasingly obsolete, potentially leading to inaccurate projections and an underestimation of the cedi’s true potential.
Addressing both domestic and international investors, the Minister conveyed confidence in the cedi’s resilience and future strength. He charged the newly inaugurated 13-member Goldbod, comprising key stakeholders from government, industry, academia, and traditional leadership, to execute their mandate with integrity, foresight, and a profound sense of national duty. The Board is chaired by Kojo Fynn, with Samuel Gyamfi serving as the Acting CEO.
“I urge the newly constituted Board to work hard to support and sustain this trajectory,” Dr. Forson stated, expressing his conviction that the Board’s efforts would contribute significantly to realising President Mahama’s broader vision of resetting Ghana’s economy for shared prosperity.
In his concluding remarks, the Finance Minister called for collective national effort and unity in supporting President Mahama’s economic reset agenda, urging all sectors to play their part in securing prosperity for all Ghanaians.