Deputy Minister of Finance, Dr. Stephen Amoah, has indicated that the pressure on the local currency is largely due to the exchange of cedis for major trading currencies, particularly the dollar, for foreign travel.
He emphasized that if Ghanaians were to support local hospitality services and tourist sites, the money would remain in the country, contributing to national development.
Speaking at the second CEO’s Breakfast Meeting in Accra on Thursday, May 16, 2024, Dr. Amoah encouraged owners of hospitality businesses and tourist sites to expand their operations and attract more local customers.
On the international front, he highlighted the need for businesses to gain a competitive edge over other countries to attract Foreign Direct Investments.
“I think the strategic actors and players in tourism in Ghana should do their best to attract more tourists within the sub-region… we need to also create the needed competitiveness…,” he said.
Dr. Stephen Amoah added, “We need to build homegrown policy tools that specifically address our needs… It’s not every day that we have to go to the Maldives… let’s come home. The monkeys are there… we always talk about the cedi; if you exchange dollars and go there [outside Ghana], why won’t the cedi suffer? But if we stay here and the dollar people come here, there will be a demand for our currency.”
He revealed that the government aims to elevate the tourism sector to new heights if the governing New Patriotic Party secures a victory in the general elections on December 7, 2024.
Currently, the cedi is trading at GH¢15 at various forex bureaus, with the inflation rate standing at 25.0%.
Bloomberg has forecasted that the cedi’s value will depreciate further by the end of the year.

