The Institute of Economic Affairs (IEA) is urging the government to complement the recent appreciation of the Ghana cedi with a strong push toward domestic production and export-led growth, warning that the currency’s gains may be short-lived without structural reforms.

Speaking at an IEA public forum on the topic “Trump Tariffs: Implications for Africa and Ghana”, Senior Fellow Dr. Vladimir Antwi-Danso cautioned that while the current stability of the cedi is good news, it is not a long-term solution to Ghana’s economic vulnerabilities.

“We must try and be an export economy, and that is the only way you stabilize your currency. That is the only way you make the other currency lower or stronger,” Dr. Antwi-Danso stated.

He added that the appreciation of the cedi, if not backed by real sector performance, particularly increased domestic production and exports, may soon reverse.

“What we are doing is that we are not stabilizing permanently—we will relapse. By December, I believe we will relapse. And I'm saying this from a technical point of view, not as a political comment. What I’m trying to say is that it's not yet ‘hooray’ for a cedi kind of appreciation,” he warned.

The forum, organized by the IEA, brought together economists, policymakers, and members of the diplomatic and business communities to explore the implications of global trade dynamics on Ghana’s economic prospects. The discussion highlighted the need for sustainable economic strategies that reduce reliance on imports and build resilience through value-added exports and industrialization.

As the cedi sees temporary gains, the IEA’s call echoes broader concerns from economists who stress that structural reforms—rather than short-term monetary fixes—are key to lasting stability.