Africa Policy Lens (APL), a Policy Research and Analyst Organization has commended Ghana's recent macroeconomic progress but warned that the appreciation of the cedi could be short-lived if not supported by deeper structural reforms.
According to APL, while the cedi has appreciated significantly in the first half of 2025, this has largely been driven by temporary measures.
It mentioned heavy forex market interventions by the Bank of Ghana (nearly $1 billion between January and May 2025) and tough fiscal decisions such as freezing government spending and suspending payment of arrears as factors that have significantly contributed to these gains. "These gains, while encouraging, are built on temporary pillars that require deeper reforms to become sustainable," APL noted.
APL points out that Ghana has seen similar periods of stability before, particularly between 2017 and 2019 during the IMF Extended Credit Facility program.
