The Deputy Chief Executive Officer of the Forestry Commission, Elikem Kotoko, has disclosed that the stabilisation of Ghana’s local currency, the cedi, has helped the country avoid a GH¢150 billion surge in public debt.

Speaking on Channel One TV’s Breakfast Daily on Monday, July 28, 2025, Kotoko commended the Bank of Ghana, the Ministry of Finance, and other key stakeholders for their efforts in keeping the cedi stable.

He cited initiatives like the Gold-for-Oil and Gold for Reserves programmes as crucial in holding the dollar in check.

“There is very significant evidence that we are heading in the right direction, with inflation dropping. By the mere fact that the efforts of the Bank of Ghana Governor, the Finance Minister, and other key stakeholders and the formation of the Gold for Oil and Gold for Reserves programmes have helped hold the dollar stable for this period, that alone has saved us GH¢150 billion in our public debt,” he said.

He added that further reductions in inflation could translate into greater economic gains.

“If we manage to drop to a single digit, I am convinced we could see over GH¢250 billion written off, not through payments, but through the strength and potency of our currency,” Kotoko stated.

The cedi’s resilience continues to reflect in its performance against major trading currencies.

According to the Bank of Ghana’s daily update, as of July 28, 2025, the cedi is trading at a buying price of GH¢10.44 and a selling price of GH¢10.45 per U.S. dollar.

The British pound is being bought at GH¢14.01 and sold at GH¢14.03, while the euro at a buying price of GH¢12.24 and a selling price of GH¢12.25.

Governor of the Bank of Ghana, Dr Johnson Asiama, has confirmed a 42% appreciation of the cedi in the first half of 2025.

This, he said, is an indicator of macroeconomic stability and growing investor confidence in the country.

SA/MA

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