Some of Ghana’s top exporters are warning that the recent appreciation of the cedi—though broadly welcomed—may present new hurdles for the export sector if inflation remains high and economic growth continues to stagnate.
Anthony Pile, Founder of Blue Skies Company Ltd., in an exclusive interview with Channel One TV, praised the government’s efforts to stabilise the currency but cautioned that without deeper economic reforms, the benefits could be short-lived.
“Inflation is still around 18%—it was 21 or 22% just a few days ago. It’s very difficult to pay 18% more for inputs and have less currency coming back when you convert your earnings into cedis,” he noted.
While acknowledging that importers currently benefit from the cedi’s strength, Pile highlighted the downside for exporters who earn in foreign currency.
“The importers are the winners at the moment. Fair enough, we [exporters] have had it our way for a while when the cedi was weak and the exchange rate advantage gave us a boost. But any company that relies entirely on the exchange rate for survival isn’t in a great position,” he said.
He warned that if inflation remains elevated, it could erode the gains from a stronger cedi.
“It doesn’t matter how strong the cedi is—if inflation stays at 18%, people will still feel the pinch. But if we can bring it all down and keep the economy growing, then both importers and exporters can win,” he explained.
Despite the challenges, Pile expressed cautious optimism, aligning with President John Mahama’s view that a cedi-to-dollar rate between GH¢10 and GH¢12 is ideal for sustained recovery.
He added that Ghana’s long-term economic success rests on three pillars: “a stable currency, low inflation, and an economy that’s running well. Right now, it’s fair to say the economy hasn’t always been firing on all cylinders.”
