Patrick Boamah urges bold action to sustain cedi gains amid IMF cash boost

The Member of Parliament for Okaikwei Central, Patrick Yaw Boamah, has urged the authorities to prolong the caller gains successful the cedi’s show against the US dollar, informing that the existent stableness whitethorn beryllium impermanent unless decisive enactment is taken to reconstruct capitalist assurance and fortify Ghana’s fiscal markets.”

The Ghana cedi, which has historically been volatile, has shown comparative stableness since December 2024, appreciating by 2.76 percent against the dollar arsenic of April 2025, according to information from the Bank of Ghana and immoderate commercialized banks.

Speaking to Joy Business connected the sidelines of the IMF/World Bank Spring Meetings successful Washington, D.C., Patrick Boamah said: “It’s astir confidence. The spot that economical managers instill successful the fiscal markets and capitalist assemblage influences projections astir the cedi’s performance.”

Ghana precocious reached a staff-level statement with the International Monetary Fund (IMF), paving the mode for the merchandise of a US$370 cardinal 5th tranche nether the US$3billion bailout programme.

Boamah noted that the injection of funds would assistance bolster reserves and nonstop affirmative signals to the concern community.

However, helium cautioned that outstanding authorities arrears, estimated astatine GH¢18 billion, could airs a menace to the cedi’s gains.

“We indispensable measure the nett effect connected the currency if the authorities begins to wide these arrears. The interaction of specified a ample currency merchandise connected currency depreciation indispensable not beryllium overlooked,” helium stated.

Boamah besides raised questions astir the root of the cedi’s caller appreciation, suggesting a request to find whether it’s owed to sustainable argumentation measures oregon impermanent interventions by the Bank of Ghana oregon Finance Ministry.

He further noted that the existent commercialized tensions and tariff issues whitethorn beryllium easing request for overseas exchange, which successful crook has helped stabilize the currency.

“If importers are not sourcing ample volumes of dollars, unit connected the cedi reduces. But erstwhile these issues are resolved and arrears are paid, we’ll beryllium successful a amended presumption to measure the existent authorities of the economy.”

On macroeconomic indicators, Boamah referenced caller assessments from the World Bank confirming a 5.7 percent GDP maturation complaint for 2024 and a debt-to-GDP ratio of 61.8 percent. However, revised projections for 2025 amusement expected maturation dipping to 3.9 percent, down from the 4.47 percent initially forecast successful the budget.

“These revisions bespeak the analyzable challenges we face, home arrears, planetary uncertainties, and section argumentation constraints. The cedi’s stableness is welcome, but we indispensable presumption it arsenic a impermanent alleviation unless deeper structural issues are addressed,” helium noted.