The Ghanaian cedi inched marginally stronger against the U.S. dollar midweek, with the Bank of Ghana quoting a buying rate of 15.3723 and a selling rate of 15.3877 on Wednesday, February 5.
The figures marked a slight uptick from the previous day’s trading, reflecting tentative stability in a currency long battered by inflation and external pressures.
The modest improvement arrives as newly appointed Finance Minister Dr. Cassiel Ato Forson faces mounting public and political demands to steer the economy toward calmer waters. President John Dramani Mahama, during the minister’s swearing-in ceremony at the seat of government in Accra on January 22, outlined urgent expectations for Forson’s tenure. “Ghanaians expect you to reduce inflation, make life more comfortable, bring the national public debt to sustainable levels, and stabilize our currency,” Mahama asserted, signaling the high stakes tied to the minister’s role.
The cedi’s fragility remains a focal point for citizens grappling with soaring living costs and a national debt exceeding 90% of GDP. While Wednesday’s marginal strengthening offers a glimmer of respite, analysts caution that sustained recovery hinges on structural reforms and tighter fiscal discipline. Critics argue past administrations, including Mahama’s prior tenure, have struggled to rein in borrowing or curb currency depreciation, leaving Forson to inherit a complex web of challenges.
Market observers note that global factors, including dollar strength and commodity price shifts, compound local pressures. Ghana, a major cocoa and gold exporter, remains vulnerable to external shocks, underscoring the delicate balance Forson must strike between short-term stabilization and long-term economic overhaul.
For ordinary Ghanaians, the slight cedi gain offers little immediate relief. Street vendors and business owners interviewed in Accra expressed skepticism, citing persistent hikes in fuel and food prices. “The numbers on paper don’t fill our pockets,” remarked one trader, capturing widespread frustration.
As Forson settles into his role, his ability to align policy with public expectations will face intense scrutiny. With inflation hovering near 23% and debt restructuring talks ongoing, the path to economic stability appears fraught—but not impossible. For now, all eyes remain on whether incremental gains can evolve into lasting recovery.
This represents a marginal increment from the rate recorded on Tuesday, February 4.
