The Cedi has been described by some international financial institutions as the worst performing currency in the world this year. The Ghanaian finance minister, Ken Ofori-Atta, has reassured Ghanaians that the currency will stabilize by the end of this year.

At a forum in Accra on Thursday, November 6, 2022, Ken Ofori-Atta told members of the Ghana Industries Association (AGI) that part of the ongoing efforts to consolidate value of the Cedi included the repression of the illegal foreign currency market by the Bank of Ghana. (BoG). According to him, the BoG's decision was aimed at combating speculation, which was fueling the depreciation of the local currency as well as other challenges militating against the local currency in the long term. A Graphic report was released on Monday, indicating that the minister has however urged Ghanaians to create a macroeconomic environment that can meet the basic needs of households and businesses.

In reality, Ghana's economy was hit hard by a rise in inflation of over 30% in October, high food prices and gasoline, the huge debt burden and the depreciation of the Cedi. As a result, some stakeholders attributed the low value of the Cedi to the activities of the illegal foreign exchange market and to the preference of some Ghanaians to save their money in dollars, thus triggering the scarcity and low exchange rate of Cedi against the dollar.