ACCRA, Ghana — Ghanaian exporters have raised concerns over the recent sharp appreciation of the cedi against the U.S. dollar, warning that the trend could reduce their revenue margins.
According to local financial reports, the cedi has appreciated nearly 16 percent against the dollar since April 2025, making it one of the best-performing currencies globally during that period.
Impact on Export Revenue
Speaking on Business Live on the Joy News channel, exporter George Kporye said that while currency stability is important for business, the rapid appreciation of the cedi may hurt the competitiveness of Ghanaian exports.
Kporye noted that a stronger cedi means exporters receive less in local currency when converting their foreign earnings, which could impact profit margins.
Calls for Government Intervention
Kporye urged the Ghanaian government and the Bank of Ghana to take measures to stabilize the foreign exchange market and provide support for exporters. He emphasized the need for policies that help cushion businesses from income losses caused by currency fluctuations, noting that many companies rely on predictable exchange rates for planning and budgeting.
Market Context
As of the most recent update, the cedi was trading at approximately GH₵13.70 to the U.S. dollar, a significant recovery from more than GH₵16 earlier in the year. The currency’s strength has been welcomed by importers and consumers due to reduced import costs, but exporters have called for a more balanced approach to exchange rate management to support long-term business sustainability.
Broader Economic Impact
The Ghana Union of Traders Association (GUTA) has responded to the appreciation by encouraging members to reduce prices in line with the lower cost of imports. However, this development has added pressure on exporters, who often benefit from a weaker cedi that enhances the price competitiveness of their goods abroad.
Conclusion
The situation highlights the complex effects of exchange rate movements on different sectors of the economy and underscores the need for monetary policies that balance the interests of exporters, importers and consumers.
