President John Dramani Mahama says the US$10 billion New Economy Programme will be central to building a stronger and more stable Ghana cedi by increasing local production, expanding exports and cutting the country’s dependence on imports.
Speaking at the launch of the Ghana Cedi Heritage Series at Bank Square in Accra on Thursday, November 12, Mahama said lasting currency stability could not depend on monetary interventions alone.
He argued that Ghana must tackle the structural weaknesses that continually create heavy demand for foreign exchange.
“The link to the cedi is clear. Expanding and diversifying our exports can bring in more foreign exchange. Producing more at home can reduce our dependence on imports,” he said.
Production at heart of cedi strategy
The New Economy Programme, which will run from 2027 to 2030, is expected to mobilise about US$10 billion for investments aimed at changing what Ghana produces and how much value it retains locally.
Mahama said the country must produce more of what it consumes and process a greater share of its agricultural produce and natural resources before export.
That, he said, would reduce the foreign exchange required to import goods while simultaneously increasing dollar earnings from exports.
“Together with disciplined public finance and credible monetary policies, these measures will help create the conditions for a stronger, more stable cedi, better able to withstand any global shocks.” - President Mahama
Government intends to use the programme to support manufacturing, agribusiness, value addition and other productive sectors while creating employment and widening opportunities for Ghanaian businesses.
Stronger cedi must reach households
Mahama said the value of currency stability should ultimately be measured by what it means for businesses and households rather than movements on foreign exchange screens alone.
“For the trader, it should mean greater certainty when ordering their next consignment of supplies.
"For the manufacturer, it should give greater confidence when planning their production.” - President Mahama
“For the family, it must be greater confidence that income and savings will meet their needs,” he added.
The President expressed confidence that Ghana could build a more resilient cedi if economic policy consistently supported domestic productive capacity alongside responsible fiscal and monetary management.
His remarks came hours before Finance Minister Dr Cassiel Ato Forson presents the 2027 Budget to Parliament.
The Budget is expected to provide the first detailed financing and implementation framework for the New Economy Programme, including how government intends to mobilise investment and translate improved macroeconomic conditions into production, exports and jobs.
For Mahama, that economic restructuring is also a currency strategy: the more Ghana produces and earns abroad, the less pressure it places on the cedi.
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