Some Ghanaians Urge Job Creation Over $1Billion Forex Intervention
Some Ghanaians have appealed to the government to prioritize job creation over pumping dollars into the economy to stabilise the cedi, arguing that sustainable employment and stronger domestic production will provide longer-term relief than short-term currency interventions.
The calls come as the Bank of Ghana (BoG) announced plans to inject up to $1 billion into the foreign exchange market this month under its revised Foreign Exchange Market Intermediation Programme. The initiative aims to stabilise the cedi and curb inflation amid ongoing pressure on the local currency against major trading currencies.
Residents of Bawaleshie in the Greater Accra Region speaking to the New Finder Newspaper emphasized that Ghana’s economic stability depends more on employment than on supporting the currency through dollar injections.
They said, unless Ghana officially adopts the US dollar as legal tender, government policies should focus on strengthening the cedi by reducing the dollar’s dominance in local transactions and ensuring economic gains translate into market prices.
Kwaku, a fashion designer, expressed his views on the forex injections. He said, “If you keep pushing dollars, you create temporary relief and also more debt that we will later struggle to pay. I believe we should plan for tomorrow than to think of how to make things work today.”
He pointed to the planned 24-hour economy initiative, suggesting it could create jobs and stimulate growth if implemented well.
He added that investment in reliable and affordable transportation, such as rail systems, would strengthen trade, boost productivity, and support long-term development. Kwaku urged authorities to take a gradual approach in building the economy.
Others voiced concerns about the increasing use of dollars for rent payments and business transactions, warning that this practice undermines confidence in the cedi. They noted that in countries like South Africa, visitors must convert foreign currency into the local currency before transacting, questioning why Ghana’s situation differs.
These residents argued that government must clarify whether the dollar is now accepted as legal tender. If not, they advocate for strict enforcement to ensure the cedi remains the sole currency for payments.
They cautioned that normalizing dollar payments gives excessive importance to the foreign currency, thereby weakening the cedi. While many called for long-term strategies focused on job creation, some acknowledged that the BoG’s dollar injection could provide short-term relief by improving purchasing power.
