The Minister of Finance, Dr. Cassiel Ato Forson, has assured stakeholders that recent appreciation of the Ghanaian Cedi will not be a one-off development as the economy makes recovery. He alluded that the Cedi’s gain against major trading currencies especially the United States dollar is the result of a deliberate and strategic economic management that government intends to maintain going forward.

Dr. Forson was speaking during a meeting with the leadership of the Food and Beverages Association of Ghana (FABAG) where he reminded the group of his objectives in no particular order as follows: cedi stabilisation, inflation reduction and job creation. According to him, “the recent appreciation of the cedi and the stability we are witnessing in the economy is not a temporary or knee-jerk reaction”, and the “stability is here to stay,” he added.

The cedi has made significant gains against major trading currencies recently, official rates from the Bank of Ghana show that the local currency ended 2024 at the rate of 14.7074 cedis to the US dollar. However, as of May 2025, it begun trading at 13.3067 signaling a gain of 10.5%.

For the Government of Ghana, its overarching objective is to restore macroeconomic stability and boost investor confidence and seeing the cedi’s recovery on the foreign exchange market has added a boost in confidence that the economy will bounce back stronger.

The members of FABAG in addressing Dr. Forson’s concern on the high price of food in the market indicated that prices have begun to see a decline with further reductions expected in the coming weeks. The chairman of FABAG, John Awuni, disclosed that prices of staple food items including rice and sugar had already recorded downward adjustments.

He said,”We have reduced sugar prices by about 7% as of today, and rice prices have corrected by about 10%. As importers, we are aggressively pushing prices down, but unfortunately, others in the value chain are not responding.”

Mr. Awuni emphasised on the importance of collective action in ensuring that the general population benefits from the effects of currency appreciation and called for a coordinated national campaign aimed at driving price reductions across sectors.