Cedi will continue to be stable – Deputy Finance Minister

Deputy Finance Minister Thomas Nyarko Ampem stated that the cedi will remain stable, expressing relief for homeowners concerned about currency fluctuations. The cedi currently trades at approximately GH¢11.80 to the US dollar on the Bank of Ghana’s interbank market. At the National Conference on Housing and Finance, Ampem highlighted that a stable cedi would enable families to manage their housing costs without worrying about exchange rate volatility.

He credited President Mahama's and Dr. Cassiel Ato Forson's competent leadership for the currency's stability. Ampem emphasized that exchange rate stability is crucial for households whose incomes are in cedis, as fluctuations can impact their ability to fulfill financial commitments. He further explained that a family shouldn't have to predict exchange rates to determine if they can maintain their home.

The Deputy Finance Minister also promised that the government would take steps to lower the costs and risks linked to housing delivery. He stressed that simply having access to finance won't suffice to solve Ghana's housing affordability issues; instead, there's a need for clear land rights, realistic construction expenses, dependable demand, and effective infrastructure strategies.

Ampem outlined additional essential requirements for enticing investment into the housing sector: predictable local approval procedures and serviced land.