Cedi appreciation saved Ghana over GH¢12bn in debt and power payments

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Senyo K. Hosi, Entrepreneur, Finance & Economic Policy Analyst, says Ghana realised fiscal savings exceeding GH¢12.6 billion in 2025 due to the cedi’s appreciation, driven largely by the GOLDBOD-operated DGPP.

He explains that savings of over GH¢6.2 billion were recorded on external debt servicing alone when compared to budgeted exchange rate assumptions.

“At closing rates, that translates into hundreds of millions of dollars in economic benefit,” Hosi states.

Hosi adds that foreign exchange savings on Independent Power Producer payments exceeded GH¢6.45 billion, easing pressure on government finances.

According to him, these savings far exceed the reported US$214 million policy cost. “The benefits are more than five times the cost,” he says.

Hosi concludes that this demonstrates why economic policy must be evaluated in terms of benefits and outcomes rather than narrow accounting results.

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Goldbod

Sammy Gyamfi

Senyo Hosi