'Cedi appreciation has affected export prices' – Mike Oquaye Jnr

Former New Patriotic Party (NPP) parliamentary candidate for Dome-Kwabenya, Mike Oquaye Jnr, has argued that the recent appreciation of the cedi has negatively impacted Ghana's export sector despite being widely celebrated.

According to him, the strengthening of the cedi from about GH¢14 to GH¢10 against the US dollar comes with significant costs, as government must inject substantial resources to sustain the currency's performance.

He contended that maintaining the previous exchange rate would have provided greater certainty for businesses while saving the country billions of cedis that could have been channelled into other sectors of the economy.

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“I have always said that if the government had actually retained it at 14, it creates something called certainty. And secondly, we would have invested less money into trying to sustain the dollar. For example, for every 2.5 billion that we have used to manage the fall, we could have saved more in that direction. So this is where my argument comes in. But you can look at it whichever way,” he said on The Key Points on TV3 on June 20, 2026.

Oquaye Jnr further noted that the cedi's appreciation has significantly affected export pricing, placing pressure on exporters and businesses that rely on foreign markets.

“One of the areas I know I have competency in is production for export. And I’m telling you, it has affected our export prices significantly. This is part of the production problem because now importation has a big advantage, while production for export has a disadvantage. This is what happens when your cedi appreciates, and it’s an area we should pay attention to,” he added.

Watch the video below:

For production, a stronger cedi is a disadvantage. The appreciation of the cedi from 14 to 10 was not a good thing. It has affected our prices for export. - Mike Oquaye Jnr, Former NPP Parliamentary Candidate, Dome Kwabenya#TheKeyPoints #TV3GH pic.twitter.com/B1br47S8Tv

— #TV3GH (@tv3_ghana) June 20, 2026