Gov’t Eyes GH¢10/$1 Target: Seth Terkper Outlines Bold Plan to Stabilise Cedi

The Presidential Advisor on the Economy, Seth Terkper, has disclosed that the government is pursuing a comprehensive plan to stabilise the Ghana cedi at approximately GH¢10 to the US dollar, as part of broader efforts to restore fiscal discipline and investor confidence.

Speaking on Joy News’ PM Express Business Edition, Mr. Terkper—who previously served as Finance Minister—emphasised that the strategy goes beyond monetary interventions.

“We’re not just relying on monetary tools,” he said. “We are combining them with structural fiscal reforms and tighter expenditure controls. The goal is to reach a sustainable and realistic exchange rate band.”

● Mahama’s Revelation Sparks Focus on True Value

The remarks follow recent comments by President John Dramani Mahama, who revealed that both the Bank of Ghana and the Ministry of Finance believe the cedi’s actual value lies between GH¢10 and GH¢12 per dollar—a figure far stronger than current market rates.

Mr. Terkper explained that the government's stabilisation push involves:

● Boosting foreign exchange reserves

● Increasing export revenue

● Strict enforcement of fiscal discipline across the public sector

These steps, he said, are vital for taming exchange rate volatility and signalling credibility to international investors.

■ Cautious Optimism in the Markets

The cedi has shown modest signs of appreciation in recent weeks, but inflation pressures, external debt obligations, and global financial headwinds continue to pose risks.

Economists and market watchers have reacted cautiously to Terkper’s assurances, warning that consistent and transparent policy implementation will be the key to restoring long-term stability.

■ Mid-Year Budget Review Looms Large

The government is expected to elaborate further on its currency management strategy in the upcoming mid-year budget review, which is anticipated to outline new revenue measures and spending controls aligned with Ghana’s IMF-supported recovery plan.

As businesses and consumers look forward to exchange rate relief, analysts say the coming months will be crucial in determining whether the cedi’s rally can be sustained or will remain vulnerable to shocks.