Daniel Kwadwo Owusu, Country Managing Partner of Deloitte Ghana, has highlighted growing uncertainty among businesses regarding the future of the Ghanaian cedi.

Speaking at the 9th Ghana CEO Summit and Expo in Accra on Monday, May 27, he also pointed to high utility tariffs and transportation costs as major obstacles for businesses.

“There are also issues with high utility tariffs, high transportation costs, and the general cost of doing business,” Owusu noted.

Addressing the theme “Transforming Business and Governance for Ghana’s Economic Reset,” he advised the government against relying on short-term fixes that fail to bring lasting stability without implementing fundamental reforms.

“A strong currency is beneficial, but it doesn’t automatically lower prices if domestic cost pressures like transport and energy are not addressed,” he explained.

Owusu further called for economic diversification, warning that Ghana’s heavy dependence on gold and cocoa leaves the country vulnerable to global price fluctuations. “Diversification will make our economy less susceptible to big swings in global prices,” he added.

Reflecting on the post-IMF bailout period starting in 2017, Owusu observed that while the cedi recovered and inflation dropped to around 11.8%, consumer prices remained stubbornly high due to unresolved structural issues.

He also urged businesses to adapt to changing economic realities. Expressing concern over some companies continuing to quote foreign exchange rates that differ from the official Bank of Ghana rates, he stressed that this behavior undermines efforts at economic reset.

“I’m speaking to CEOs because an economic reset requires transformation among us as people,” Owusu concluded.