They noted that stability would enhance market predictability, facilitate business planning, and bring relief to Ghanaians through lower prices of goods and services and improved living standards.
The views were shared during separate television discussions monitored by the Ghana News Agency over the weekend, as the economy shows signs of recovery.
The gains were attributed to government initiatives such as increased gold reserves, the establishment of the Ghana Gold Board (GoldBod), expenditure cuts, and tightened monetary policy.
Other contributing factors included the US trade tariff-induced appreciation of the Cedi against the Dollar, the Bank of Ghana’s forex injection of US$490 million in April 2025, and reduced borrowing costs.
Professor Godfred Alufar Bokpin, a Finance lecturer at the University of Ghana, said the Cedi’s appreciation was “not purely accidental,” citing economic stability measures outlined in the 2025 budget.
He explained that the government had implemented short-term economic strategies alongside fiscal consolidation and tightened monetary policy to strengthen the Cedi and overall economic progress.
However, Prof. Bokpin cautioned, “What the market wants is stability, and it requires building reserves that allow predictability for the long term. Say, in the next 10 to 20 years, we have enough reserves to make the Cedi stable.”
Commending the finance minister and the Central Bank Governor for their coordination, he warned against inflationary policies that could make imports cheaper.
Mr. Kenneth Kwamina Thompson, a Fellow of the Institute of Chartered Accountants in England and Wales, noted that slight changes in the Cedi significantly impact business profits and operations.
While acknowledging the Cedi’s appreciation, he warned, “If it’s cheaper to import, it’s going to kill businesses that are struggling.”
“What we need is stability and predictability. The Cedi will always depreciate; but it’s the rate at which it depreciates that is the issue. The Central Bank should keep [the Cedi] gradual and let it stay,” he added.
Mr. Joseph Obeng, President of the Ghana Union of Traders’ Association (GUTA), called for VAT reforms to ensure economic gains benefit consumers.
“Prices have started responding, and we are duty-bound to respond to any gains, especially this particular one which is substantial, and we have to share it with the consumer,” he stated.
He urged the government to maintain stability, pledging traders’ readiness to lower prices to cushion consumers.
Mr. Joe Jackson, Chief Executive Officer of Dalex Finance, said, “We are clawing back the devastating effect on our purchasing. That can’t be a bad thing. Let’s pray it continues,” calling for mechanisms to sustain the gains.
“As Ghana navigates these encouraging economic waters, the message is clear: celebrate the progress, remain vigilant, and support policies that sustain stability,” he added.
Last month, Mr. Stéphane Roudet, Mission Chief for Ghana at the International Monetary Fund (IMF), signalled that Ghana’s economy was stabilising.
He said inflation and the deficit would decline if government remained within programme targets, boosting investor confidence and private sector participation “not just in one sector, but across the board.”
Speaking at a roundtable discussion at the 2025 IMF/World Bank Group (WBG) spring meetings in Washington, DC, he commended the government’s commitment to the IMF programme.
GNA
