Minister for Government Communications, Hon. Felix Kwakye Ofosu has attributed the recent appreciation of the Ghanaian cedi to increased dollar inflows and growing investor confidence in the economy, rather than any significant external influences.
Hon. Kwakye pushed back against suggestions that the cedi’s gains are primarily the result of international developments or external financial interventions.
He emphasized that the strengthening of the local currency is rooted in domestic economic improvements.
“The cedi’s recent appreciation is not due to any external forces. It’s largely because of the rise in dollar inflows and a renewed sense of confidence in the Ghanaian economy,” he said.
The cedi has seen relative stability in recent weeks after months of depreciation that impacted prices and cost of living.
According to him, the influx of foreign exchange—driven by export earnings, remittances, and possibly foreign investment—has provided a cushion for the cedi, easing demand pressures on the dollar.
He also noted that the perception of improved economic stability may be encouraging both local and foreign investors to hold cedi-denominated assets.
Minister for Government Communications, Hon. Kwakye Ofosu urged policymakers and the public to acknowledge the role of local economic policy and sentiment in influencing currency trends.
Story by Freedom Lavoe.
