Economist and CEO of Dalex Finance, Joe Jackson, has challenged conventional thinking about Ghana’s currency struggles, arguing that the persistent pressure on the cedi is rooted not in weak exports but in deeper structural inefficiencies within the economy.
Delivering a lecture at the 2026 Dean of Business School Lecture Series at the University of Professional Studies Accra (UPSA), Mr. Jackson described Ghana’s exchange rate crisis as widely misunderstood, warning that without a shift in perspective, the cedi will remain vulnerable.
According to him, while public discourse often attributes the depreciation of the cedi to poor export performance, the data tells a different story.
He indicated that between 2016 and 2024, the cedi lost nearly 71 percent of its value against the US dollar.
However, in a surprising reversal, it recorded a 40 percent appreciation between 2024 and 2025, an indication, he said, not just of decline but of troubling volatility.
Jackson explained that Ghana has, in fact, maintained positive trade balances in recent years, meaning the country exports more than it imports in goods. The real issue, he argued, lies in what happens after export revenues are earned.
“Contrary to popular belief, Ghana’s cedi is not weak because the country cannot export. In fact, Ghana has consistently recorded positive trade balances in recent years. The problem is not exports—it is what happens after exports.
“Ghana earns foreign exchange from gold, oil, and cocoa. But much of that value does not stay in the country. It leaks out through service imports, profit repatriation, debt servicing, and capital flight.
“In 2024 alone, Ghana posted a trade surplus of $5.1 billion—but lost nearly $8 billion through these leakages. In simple terms: Ghana earns dollars—and then sends them right back out.”
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