Advisor to the Minister for Finance, Frederick Amissah, has dismissed claims that the recent appreciation of the Ghanaian cedi is a result of luck or external factors. Instead, he attributes the gains to the deliberate economic policies implemented by the current administration.
According to him, the strengthening of the cedi should be seen as a permanent feature of Ghana’s economy going forward, driven by strategic interventions.
“It is no magic; it is as a result of careful policy interventions which have resulted in this,” he said. “We’ve been so used to the cedi depreciating that when it appreciates, it feels unusual. But this is no nine-day wonder.”
Speaking on Woezor TV on Monday, May 12, he dismissed the narrative that the cedi’s rise is simply due to a weakening dollar, noting that if that were the case, more African currencies would be appreciating at the same rate.
“If the dollar is weakening and that’s the reason for our cedi’s strength, then why are other currencies like the naira not appreciating the same way?” he queried.
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Mr. Amissah credited the renewed investor confidence in Ghana’s economy to the leadership of President John Dramani Mahama and the appointment of the new Finance Minister, Onawatu Fosun.
“The first signal was when Ghanaians elected President John Mahama , a better manager of the economy. Confidence returned. And when he appointed Onawatu Fosun, the market responded positively,” he stated.
He further explained that Ghana’s staff-level agreement with the International Monetary Fund (IMF) and the commitment to a primary surplus target of 1.5% of GDP, enshrined in law, are concrete indicators of fiscal discipline.
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Highlighting a major structural reform, Mr. Amissah touted the establishment of the Gold Board as a game-changer.
“The most significant structural intervention is the establishment of the Gold Board. We are looking at mobilizing about $12 billion annually from its operations; that’s a strong source of forex to support the cedi,” he said.
He concluded by reinforcing the point that Ghana’s economic rebound is policy-driven, not based on chance.
“What is happening is the affirmation of strong fundamentals. The exchange rate is simply confirming that the economy is on the right path.”
