Cedi gains have put pressure on exporters — Mike Oquaye Jnr

By Prince Antwi June 21, 2026

Former New Patriotic Party (NPP) parliamentary candidate for Dome-Kwabenya, Mike Oquaye Jnr, has cautioned that the recent appreciation of the cedi, while widely welcomed, may be creating challenges for Ghana’s export sector.

Speaking on The Key Points on TV3 on June 20, 2026, Oquaye Jnr argued that the strengthening of the local currency from around GH¢14 to GH¢10 against the US dollar comes at a significant cost, as government must commit substantial resources to maintain the cedi’s gains.

According to him, retaining the exchange rate at its previous level could have provided greater predictability for businesses while allowing the country to save billions of cedis that could be invested in other sectors of the economy.

“I have always said that if the government had retained the exchange rate at 14, it would have created certainty. Secondly, we would have invested less money in sustaining the cedi. For every 2.5 billion used to manage the currency’s appreciation, we could have directed those resources elsewhere. That is where my argument comes from, though people may view it differently,” he stated.

Oquaye Jnr further expressed concern about the impact of the stronger cedi on export-oriented businesses, noting that it has affected export pricing and reduced the competitiveness of locally produced goods in foreign markets.

Drawing on his experience in export production, he explained that currency appreciation tends to favour imports while making exports less attractive.

“One area I understand well is production for export, and I can say it has significantly affected our export prices. This forms part of the broader production challenge because importation now enjoys a major advantage, while export production faces a disadvantage. That is one of the consequences of a stronger cedi, and it is something we must pay attention to,” he said.

His comments come amid ongoing debate over the economic implications of the cedi’s recent performance, with supporters highlighting its impact on inflation and import costs, while critics point to the challenges it poses for exporters and local producers.