Finance Minister explains why Cedi has remained relatively stable at a high-level investor meeting in Washington

Ghana’s economic outlook received a significant boost following a high-level investor meeting held in Washington, D.C., led by Finance Minister Dr. Cassiel Ato Forson. 

Investors responded positively to the progress Ghana has made in stabilizing its economy.

This was after the Finance Minister did a detailed presentation explaining the Cedi has remained relatively stable, with signs of appreciation, while international reserves are strong, currently covering four months of imports.

 

These indicators were presented as evidence of the government’s commitment to restoring macroeconomic stability.

Dr. Forson reported that domestic revenue performance has been strong. The Ghana Revenue Authority exceeded its first-quarter target by over 2.4 billion cedis, driven by strong performances in VAT and other key tax categories.

Expenditure is also being carefully managed, he added.

He explained that the government has kept allocations for goods and services at 2023 levels, a move aimed at maintaining fiscal discipline while still delivering essential services.

With improved revenue and controlled spending, Ghana is on track to achieve a 1.5 percent primary surplus for the year.

 

The Bank of Ghana’s ability to meet coupon payments as they fall due, backed by significant reserves, provided additional reassurance to investors. This measure supports financial stability and enhances market confidence.

Dr. Forson also announced that the government will present a comprehensive debt management strategy during the upcoming Mid-Year Budget Review.

The plan is expected to outline key steps for sustaining growth, managing public debt, and maintaining investor trust., he said.

The meeting reinforced growing confidence among the investor community in Ghana’s economic direction and the government’s commitment to disciplined, transparent financial management.

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