The Centre for Economic Research and Policy Analysis (CERPA) has called for urgent and sustained economic reforms to stabilise the Ghanaian cedi, which has begun to weaken again after a brief rebound earlier this year.
In a newly released policy paper, CERPA cautioned that without structural reforms, the recurring volatility of the cedi will continue to undermine Ghana’s economy.
According to the think tank, the recent depreciation is being driven by rising demand for foreign exchange to fund imports, limited inflows from exports and remittances, market speculation, and persistent weaknesses in the external sector.
The report notes that the cedi, which ended 2024 as one of Africa’s worst-performing currencies, recovered in early 2025 but started losing ground again by September. As of September 10, it was trading at about GHS 12.11 per dollar on the interbank market, and between GHS 13.20 and GHS 13.45 at forex bureaus. Similar losses were recorded against the British pound and the euro.
CERPA warned that the depreciation is fuelling inflation, increasing the cost of debt servicing, and eroding both business and investor confidence. If left unchecked, the situation could slow economic recovery and deepen hardship for ordinary Ghanaians.
To address the challenge, the policy paper recommends diversifying exports, especially in non-traditional sectors, to boost foreign exchange earnings. It also calls for tighter regulation of the retail forex market and improved liquidity management to curb speculation and restore stability.
CERPA further urged government to accelerate reforms in the energy and mining sectors, promote local production to cut down on imports, and enforce fiscal discipline to support monetary policy efforts.
The paper concludes that long-term exchange rate stability will depend on building a more resilient economy through expanded production, export growth, and sound economic governance.
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