Cedi stability and dedollarisation: A new sense of monetary security

Recent fiscal and monetary measures appear to be strengthening the Ghanaian cedi and reducing the economy’s dependency on the US dollar. Unlike previous approaches that focused primarily on enforcement, the current strategy—spearheaded by the Finance Ministry under the leadership of Dr. Cassiel Ato Forson—prioritises prudent economic management and monetary security.

This shift from safeguarding physical security to ensuring financial stability reflects a deepening understanding that true national security includes the strength and stability of the national currency.

Ghanaians are beginning to feel the impact of these policies in tangible ways. For instance, the price of petrol has stabilised at around GH¢10 per litre—a notable benchmark of relief for households and businesses.

This relative price stability, coupled with a firmer cedi, is enabling citizens to save in meaningful denominations, moving from mere peswas to cedis. Such day-to-day experiences signal a restoration of public confidence in the local currency and the governance guiding it.

Dedollarisation remains a critical objective for Ghana’s long-term economic resilience. By reducing domestic reliance on the US dollar, the Bank of Ghana can exercise greater control over monetary policy, curb inflation, and buffer the economy from external exchange rate shocks.

While challenges persist—including the need for sustained fiscal discipline and export-led growth—the early signs of stability are encouraging.

The present moment offers a valuable opportunity to consolidate these gains, deepen financial inclusion in cedis, and foster a culture of saving and investment in the local economy.

If maintained, this path could lead not only to short-term relief but also to lasting monetary sovereignty and broad-based economic security for all Ghanaians.