Accra: President John Dramani Mahama has stated that the actual exchange rate value of the Ghana cedi against the United States dollar should be between GHS10 and GHS12. This statement was made during a meeting with the Federation of Associations of Ghanaian Exporters (FAGE), led by its President, Davies Narh Korboe, at the Presidency in Accra.
According to Ghana News Agency, President Mahama highlighted that the recent appreciation of the cedi had been monitored closely by Ghanaians as the currency began to strengthen and the dollar weakened. He explained that a balance is necessary between imports and exports to maintain the true value of the cedi, noting that an excessively low exchange rate would harm export businesses.
President Mahama mentioned discussions with the Governor and the Finance Minister, who agreed that the real value of the cedi lies between 10 and 12. The Forex option has currently brought it to just above 10, and it seems to have stabilized there. He emphasized that maintaining the cedi within this band would support exports while preventing an influx of cheap imports that could saturate the market.
He encouraged exporters to capitalize on the cedi's appreciation, as lower fuel and port charges would reduce transportation costs and incentivize trade. He urged importers to focus on importing substitutes and producing local goods to enhance economic growth. The President reiterated that the cedi's appreciation offers an advantage for Ghanaians to seize.
The President also highlighted FAGE's role in achieving economic objectives under the 24-Hour Economy Policy and mentioned the inauguration of the Accelerated Export Development Advisory Committee, which he chairs, to expand Ghana's export sector.
FAGE President, Mr. Davies Narh Korboe, assured the Association's support for the 24-Hour Economy Policy and expressed concerns about FAGE's exclusion from the Boards of the Ghana Export Promotion Authority and the Ghana Exim Bank. He invited President Mahama to the Ghana Horticulture Expo, emphasizing its significance in driving growth in the horticultural sector.