In a bold State of the Nation Address (SONA), President John Mahama has rallied Ghanaians around a “Ghana First” agenda, tackling the Cedi’s struggles head-on.
President Mahama has framed the nation’s economic challenges as a test of resilience, urging unity in the face of adversity.
He addressed the nation’s currency fluctuations with a striking metaphor that has already ignited social media debate.
Speaking before Parliament on Friday, February 27, the President rejected the narrative of “policing” the exchange rate, opting instead to frame the government’s intervention as a strategic upgrade of national fiscal muscle.
Responding to critics regarding the volatility of the forex market over the past year, President Mahama clarified his administration’s approach to monetary policy:
”We did not arrest the dollar; we have strengthened the Cedi to put up a good fight against other currencies.”
The President’s comments signal a departure from the “arrest and lock” rhetoric that dominated political discourse in previous years.
By emphasizing “strengthening” over “arresting,” the administration is highlighting a shift toward long-term structural stability rather than short-term market intervention.
During the address, the President outlined three specific pillars that he credits for the Cedi’s renewed competitive edge:
Reducing the demand for dollars by incentivizing the domestic manufacturing of essential goods.
Leveraging the nation’s mineral wealth to bolster the Bank of Ghana’s foreign exchange buffers.
Committing to narrowing the budget deficit, which has restored investor confidence and stabilized capital flows.
While acknowledging that the cost of living remains a primary concern for many Ghanaians, President Mahama maintained that a “fighting Cedi” is the first step toward a broader recovery.
”A currency that can stand its ground is a currency that protects the pockets of the ordinary Ghanaian,” he noted.
The address has set the stage for a heated parliamentary debate, with the Minority expected to scrutinize the actual “strength” of the Cedi against current inflation data in the coming days.
By 1960news.com
