Cedi will continue to be stable – Deputy Finance Minister

Deputy Finance Minister Thomas Nyarko Ampem has declared that the Ghanaian cedi will continue to maintain its stability, offering significant relief to households dealing with housing expenses. This assurance comes amidst the cedi trading at approximately GH¢11.80 to the US dollar on the Bank of Ghana's interbank market, according to the most recent published rate.

Speaking at the National Conference on Housing and Finance, Ampem stressed that a stable cedi would enable families to better manage housing costs without concern for exchange rate fluctuations. He credited the competent leadership of President Mahama and Dr. Cassiel Ato Forson for the cedi's stability, emphasizing that this stability is crucial for households with cedi-denominated incomes, as currency changes can impact their ability to fulfill financial commitments.

Ampem highlighted that families should not have to predict exchange rates to understand their home financing capabilities. He also outlined the government's commitment to lowering the costs and risks related to housing delivery, acknowledging that mere access to finance is insufficient to tackle Ghana's housing affordability issues.

Ampem stressed the necessity of having clear land ownership, realistic construction costs, reliable demand, and practical infrastructure plans. Additionally, he identified predictable local approval processes and serviced land as essential conditions for drawing investment into the housing sector.