Accra, April 1, – Mr Joe Jackson, CEO of Dalex Finance, has warned that the Ghana cedi will remain under persistent pressure unless the country implements reforms to increase domestic ownership of resources.
Speaking at a Chartered Institute of Marketing Ghana (CIMG) public engagement on the theme “Ananse Stories About the Ghanaian Economy,” Mr Jackson challenged the common belief that import dependence was the main cause of cedi weakness, calling it “an Ananse story that hides the structural challenges confronting the economy.”
He explained that despite a trade surplus of over US$5 billion in 2024, the cedi continued to depreciate because more than half of export value left the country through service payments, profit repatriation, debt servicing, and capital flight.
“The mining sector alone is responsible for the largest outflows,” he said. Gold exports totaled US$11.9 billion, yet Ghana retained only 46 per cent of the value. In oil and gas, the country kept roughly 35 per cent, losing over US$2.5 billion abroad.
Mr Jackson cited regional comparisons, noting that South Africa retains more from its gold exports, Botswana uses a 50‑50 joint venture model for diamonds, and Nigeria mandates higher domestic participation.
He stressed that Ghana must focus on increasing “usable foreign exchange”—the portion of export earnings that remains in the local economy—rather than merely boosting export volumes.
“Exporting more will not help if we keep less than half of what we produce,” he added, urging policy reforms such as renegotiating resource contracts, strengthening local value chains, and increasing Ghanaian equity in extractive industries to retain more foreign exchange and reduce vulnerability to external shocks.
Mr Jackson also cautioned against blaming importers or consumers for cedi depreciation, emphasizing that structural weaknesses, not consumer behavior, drive the currency’s struggles.
GHBUSS
1 April 2026
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