Joe Jackson, Chief Executive Officer of Dalex Finance, has attributed the recent movements in the Ghana cedi to strategic interventions by the Bank of Ghana, describing the current exchange rate as a more sustainable position for the economy.
Speaking on The Point of View on Channel One TV on Monday, September 8, 2025, Jackson reflected on the cedi’s trajectory over the past six months under President John Dramani Mahama’s economic management.
“Indeed when you look at what happened, the central bank was intervening in the market. So long as the Central Bank was intervening, the rates were around 10, 11. Then the Central Bank announced that it won’t intervene anymore. And as soon as it announced that it won’t intervene, what happened? The rate shot up from 10, 11 to the 12 plus,” he explained.
Jackson argued that the new level, above 12 cedis per dollar, is a “far more defensible position” for the Central Bank than the earlier 10.5 rate, which he said, although initially “feel-good” and bullish, reflected an over-valued cedi that could have posed long-term challenges.
“But it is my opinion that the rate of 12 plus is a far more defensible position for the Central Bank than 10.5. And that the 10.5, even though it had a really feel-good factor and everybody became bullish, over time because of how much the cedi was over-valued, would have brought us challenges,” Jackson added.
His comments underscore the Central Bank’s careful balancing act as it navigates currency stability and economic growth during the first six months of the Mahama administration, signalling a commitment to sustainable financial management rather than short-term market euphoria.
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