Stanbic Bank’s Musah Abdallah calls for structural reforms to sustain forex gains

The Executive Head of Corporate and Investment Banking at Stanbic Bank Ghana, Musah Abdallah, has called for deep, long-term economic reforms to sustain the recent gains made in Ghana’s foreign exchange (Forex) market.

Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting held at the Labadi Beach Hotel, Mr. Abdallah acknowledged the growing optimism around the Ghanaian cedi’s stability, but cautioned that this progress must be guarded with deliberate and strategic action.

“After years of what seemed like one-way traffic, our macroeconomic fundamentals are beginning to show resilience,” he said. “We must protect and extend this progress.”

Mr. Abdallah stressed that while the strength of the local currency is welcomed by many, it could negatively affect the competitiveness of Ghana’s exports if exchange rates become misaligned.

He noted that sustaining these gains will require structural reforms, fiscal discipline, sound monetary policy, and support for productive sectors, emphasizing that these efforts must go beyond temporary interventions.

“This is why today’s conversation is not just timely — it’s essential. We must ask ourselves: how do we ensure these Forex gains result in tangible development and business growth?”

Highlighting Stanbic Bank’s commitment to nation-building, Mr. Abdallah reiterated the bank’s role as more than a financial institution.

“We aspire to partner in nation-building by helping navigate macroeconomic complexities and enabling future-ready decisions for businesses and individuals alike.”

He also emphasized the need to democratize Forex discussions and translate macroeconomic trends into actionable insight for the wider population, stating:

“Forex conversations shouldn’t stay in boardrooms. They must reach everyday Ghanaians.”

The event brought together industry leaders, regulators, development partners, policy makers, and the business community to explore how Ghana can sustain economic momentum while addressing structural challenges.

Mr. Abdallah concluded by encouraging an open and forward-looking discussion that would help craft a more resilient and inclusive economic future for Ghana.