The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has called on export-oriented businesses to reinvest their foreign exchange earnings domestically, warning that the durability of the cedis recent appreciation depends on more than just macroeconomic discipline.
Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting, Dr Asiama said the current foreign exchange stability marks a turning point for Ghanas economy but sustaining it will require a shift in corporate behaviour and strategic planning.
The more value we keep within Ghana, the stronger the cedi becomes, he told participants.
Firms that invoice in cedis or reinvest their export earnings locally are not only reducing their own risks they are strengthening the economic ecosystem.
The cedi has appreciated by more than 42 percent so far this year, reversing much of the depreciation recorded in 2022 and 2023.
Foreign reserves have risen to US$11.1 billion, covering nearly five months of imports.
A current account surplus of US$2.12 billion was recorded in the first quarter of 2025, up from just US$66 million a year earlier.
Export earnings from gold, cocoa and oil grew by over 60 percent in the first four months of the year, contributing to a US$4.14 billion trade surplus.
While the recovery has been driven by coordinated fiscal and monetary tightening under the IMF programme, the central bank is now shifting focus to long-term resilience.
Dr Asiama stressed that structural issues such as low domestic retention of export proceeds and a culture of dollar-pricing were weakening the impact of foreign exchange gains.
He said too many exporters hold earnings offshore or fail to channel them into productive investment within Ghana.
The mismatch between inflows and reinvestment is a problem, he said.
We must encourage, not coerce, local reinvestment.
The central bank plans to link public procurement preferences and credit access to evidence of reinvestment, particularly for SMEs.
Tax incentives are also under consideration.
Dollarisation, particularly in the real estate and education sectors, remains a major concern.
We will step up enforcement of legal tender laws, Dr Asiama said, adding that continued use of the dollar for local transactions undermines the cedis credibility.
He also pointed to a need for companies to adopt better currency risk management tools such as forwards and swaps.
While the Bank of Ghana will expand its FX forward auctions, it encourages the development of basic derivatives markets to help reduce panic-driven volatility.
Dr Asiama noted that while the cedis strength has helped lower inflation and restore investor confidence, prolonged appreciation could hurt export competitiveness if its not managed carefully.
He said the central bank will adjust its policy stance based on evolving data and market conditions.
Sustaining forex gains must not be about preserving numbers, the Governor said.
It must be about building resilience and expanding value in a way that benefits the real economy.
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