Geoffrey Kabutey Ocansey, Executive Director of Revenue Mobilisation Africa, has credited recent gains in the Ghanaian cedi to both current government measures and strategic foundations laid by the previous administration.

Speaking on Rainbow Radio, Ocansey highlighted that the operations of the Ghana Gold Board, along with gold reserve policies initiated by the past government, have significantly contributed to the currency’s stability.

He also pointed to the Bank of Ghana’s recent clampdown on dollar hoarding as a key factor in the cedi’s appreciation. According to Ocansey, the practice of dollar hoarding and the broader dollarization of the economy have historically weakened the local currency.

“Some business owners convert revenue from sales into dollars, hoarding foreign currency in anticipation of a fall in the cedi to maximize profits. This practice undermines the local economy,” he said.

Ocansey emphasized the need for strict enforcement of financial regulations to preserve the gains made. “We must reinforce the fact that the cedi is Ghana’s legal tender. The dollar should not be used in regular business transactions, and those stockpiling foreign currency for personal gain must desist,” he stressed.

He also raised concerns about illicit forex trading and the transfer of foreign currency to other countries, especially Nigeria, calling for more robust actions to curb black market activities.

Additionally, Ocansey urged for a reduction in the importation of goods that can be locally produced, citing rice imports—which cost Ghana over $700 million annually—as a major drain on the economy.

He concluded by calling on all stakeholders to support the activities of the Ghana Gold Board, particularly in efforts to curb gold smuggling, which undermines national revenue and economic stability.