President John Dramani Mahama has highlighted the stabilisation of the Ghanaian cedi as a key milestone in creating a predictable investment environment for businesses.
Addressing business leaders and investors at the Kwahu Business Forum 2026 on Saturday, April 4, the President reassured that Ghana’s reserve stocks are being actively replenished even as they are used, eliminating fears of fuel shortages or queues at filling stations.
“Even as we are using the reserve stocks, we are also replenishing them. There is no danger of queues at filling stations or other places,” he said.
President Mahama described the stabilisation of the cedi as the most significant economic event since last year.
He noted that the currency’s performance has not only improved predictability for business transactions but has also reduced levies and duties at the ports, which are fixed in dollars.
“In 2024, importers paid the equivalent of cedis 15 or 16 per dollar. Today, the effective cost in cedi has come down, meaning duties and levies are lower,” he explained. “There should be no incentive for anyone to under-declare imports.”
The President also highlighted the government’s adoption of digitalisation and Artificial Intelligence (AI) in customs processes.
Ghana’s system, currently used in 21 other countries, aims to improve efficiency while reducing opportunities for errors and fraud.
An appeals system has been established to address complaints regarding duties and levies, and the number of appeal days is set to increase to ensure fairness for importers.
“Sometimes AI and digitalisation can get things wrong, so if your invoice is legitimate and you believe you’ve been overcharged, the appeal process will correct it,” he said.
On the broader economic impact, President Mahama cautioned that a stronger currency benefits importers but can disadvantage exporters, who receive fewer cedis for the same dollars.
He reiterated that the government’s goal is not a strong currency, but a stable and predictable cedi.
“We are not looking for a strong currency. We are looking for a stable cedi. A stable cedi that is predictable and will not decline or depreciate more than 5% in a whole year. That is the kind of currency we are aiming for,” he stated.
President Mahama emphasised that a stable cedi is essential for creating a predictable environment for the private sector, supporting both investor confidence and sustainable economic growth.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Source:
www.myjoyonline.com