The Overlord of Dagbon, His Royal Majesty Yaa Naa Abukari Mahama II, has lauded President John Mahama for his relentless efforts leading to a significant appreciation in the value of the cedi.
Speaking through Dr Jacob Mahama during a courtesy visit on Friday, June 13, the traditional leader emphasised that the strengthened cedi will not only underpin household budgets but also bolster the wider economy. "The drastic drop in the dollar ratio from Gh₵17 to Gh₵11 in less than six months is a remarkable achievement that speaks volumes about your administration's commitment to prudent economic management," the chief told the president. "This significant reduction is not merely a numbered game; it reflects a deliberate effort to stabilise the economy, boost confidence in the cedi, and create a favourable environment for investment and growth," the chief added.
Recent data shows the Ghanaian cedi trading at approximately GH₵10.25 to the US dollar in interbank transactions, its strongest position in years, with a mid-market rate of around $0.0986 to GH₵1.
This recovery marks a stark reversal from the cedi's depreciation toward GH₵15-16 per dollar in late 2024, signalling renewed investor confidence and stability for import-dependent sectors.
