Our goal is to stop rapid depreciation of cedi – Mahama

President John Mahama has said the key focus of his administration regarding the value of the cedi is to ensure that it does not depreciate as it did in 2024.

Speaking at his first media encounter on Thursday, 10 September 2025, at the Jubilee House, the President said his economic team is working to stabilise the currency to enable effective economic planning.

“I believe that it is about stopping the rapid depreciation of the cedi,” he stated.

The President explained that the recent appreciation of the cedi had slowed, noting that the currency is currently making an adjustment and will settle at a new rate.

He reaffirmed his earlier position that the real value of the cedi lies between GHS10 and GHS12.

At present, the cedi is trading at GHS12 to the dollar on the interbank market, down from about GHC14 in January when the current administration assumed office.

Responding to concerns that the cedi’s earlier gains may have been due to central bank support, President Mahama clarified that the Bank of Ghana had stepped back from its interventions.

“The Bank of Ghana has been intervening, but they have withdrawn,” he said.

On education, the President addressed the Free Senior High School (SHS) policy, stating that government has strengthened the programme rather than cancelled it, contrary to claims by political opponents.

“We have strengthened Free SHS by allocating an amount of GHS3.5 billion to the policy this year,” he said.

The Free SHS policy, which guarantees government-funded secondary education for qualified students in public schools, was fully rolled out by the previous administration in 2017.

Ahead of the 2024 elections, then candidate Mahama had stated his intention to review the policy if elected. This was interpreted by critics as a plan to cancel it.

However, President Mahama clarified that steps are being taken to improve key aspects of the programme.

“Measures are in place to improve the feeding aspect of the programme,” he noted.

On the future of the Agenda 111 initiative, the President said the Health Minister has been tasked to submit a report to Cabinet to determine the way forward.

“Cabinet is expecting a report from the Minister of Health on the Agenda 111 project to determine the way forward,” he emphasised.