By Andrews AYIKU (PhD)
In an exciting development for Ghana’s economy, the Ghana cedi was crowned the world’s best-performing currency in May, according to Bloomberg. After rising about 16% versus the US dollar since the beginning of April 2025, the cedi has done more than just recover; it has skyrocketed.
For company owners around the country, this is more than just headline news. It might be a watershed moment, ushering in respite from growing costs, import constraints, and pricing volatility.
The answer lies not just in government policy but in the hands of Ghanaian business owners, entrepreneurs, and investors who influence market dynamics every day. This article explores what this currency appreciation means for the private sector and outlines six strategic actions businesses can take to help sustain the cedi’s strength.
Reduce Import Dependency and Increase Local Production
Businesses can turn the tide by investing in local production. Agro-processing factories, textile manufacturers, and small-scale industrial plants not only reduce import demand but also create jobs and keep money circulating within the country.
Additionally, locally produced goods can be tailored to Ghanaian tastes and priced more competitively without the burden of shipping costs and tariffs. One of the biggest drains on the cedi is Ghana’s heavy reliance on imports for goods that can be produced locally. From rice and tomatoes to fashion and household items, imported goods cost the economy valuable foreign currency.
Take Advantage of Export Possibilities and Provide Local Value
Exporters’ support for a stronger cedi may seem paradoxical, yet there are substantial long-term advantages. Better planning, access to wider markets, and increased investor confidence are all made possible by a stable currency.
Ghanaian raw commodities should be valued by exporters, such as by converting cocoa into chocolate or shea nuts into cosmetics. Higher margins and more foreign exchange are produced as a result. Ghanaian companies can reach high-end markets in Europe, the Americas, and Asia by making investments in quality assurance, branding, and international certification. The cedi may be protected from future shocks by the foreign exchange profits from these markets.
Digitize Business Operations to Improve Efficiency
Digitization is important for competitiveness as well as convenience. Digital tools increase productivity, cut down on waste, and increase the transparency of financial operations. E-commerce systems, digital inventory management, and mobile payment platforms assist companies in better planning, minimizing leaks, and monitoring cash flow.
A stronger national economy and, thus, a resilient cedi depend on a more digitalized business climate that draws in international investors, boosts productivity, and encourages tax compliance.
Form Strategic Partnerships to Attract Investment
Businesses that promote themselves as growth-oriented, well-managed, and transparent are more likely to attract both domestic and foreign investment. Private capital inflows support the cedi by raising demand for Ghanaian assets.
Whether it’s a software startup collaborating with a worldwide accelerator, a manufacturing firm forming a joint venture, or a SME seeking diaspora finance, such collaborations inject capital and creativity into the local economy. They also cause knock-on effects that promote job creation and skill development.
Maintain Financial Discipline and Risk Management
In an uncertain economic environment, financial discipline can be the difference between flourishing and failing. Business owners should adopt responsible financial management techniques such as keeping correct records, reducing waste, controlling debt, and maintaining good liquidity ratios.
This enables resilience in the face of unforeseen shocks and positions businesses for long-term success. Hedging against foreign exchange swings, diversifying income streams, and planning for multiple scenarios are all risk management measures that can assist organizations in adapting more easily to changing conditions, decreasing panic-driven decisions that can undermine market trust.
Support Economic Stability Through Policy Engagement
Business associations and chambers of commerce should collaborate with the government to advocate for and co-create policies that support economic stability, such as better tax regimes, infrastructure investments, support for SMEs, and incentives for export-led growth. When businesses operate in a stable environment, they perform better, and the economy benefits.
Conclusion:
The recent rise in the Ghana cedi is excellent news, but it should be viewed as a springboard rather than a celebration. For Ghanaian business owners, now is the time to act. Strengthen your operations, invest in innovation, boost local production, and manage your money properly. Create collaborations that add actual value.
These efforts will not only maintain the cedi’s performance but will also stimulate long-term economic growth. Let us convert this cash gain into genuine advancement. Now is the time to turn optimism into production and guarantee that the cedi’s strength reflects a strong and vibrant Ghanaian economy.
Dr Ayiku is a Lecturer/SME Industry Coach,Coordinator (MBA Impact Entrepreneurship and Innovation),University of Professional Studies Accra
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