BoG assures sustained stability of the cedi amid economic reforms
Governor of the Bank of Ghana, Johnson Asiama, has expressed confidence that Ghana will not return to the period of persistent depreciation of the cedi as ongoing economic reforms continue to strengthen the country’s economy.
Speaking to journalists after the central bank’s 130th Monetary Policy Committee meeting in Accra, Dr. Asiama said recent developments in the foreign exchange market point to improving economic fundamentals and effective policy coordination.
According to him, the current stability of the cedi is supported by stronger macroeconomic conditions and prudent policy interventions.
“We do not foresee a return to the era of sustained depreciation of the cedi,” the Governor stated.
Dr. Asiama explained that higher foreign exchange inflows, stronger reserve buffers and improved fiscal discipline have contributed significantly to the recent stability of the local currency.
He further noted that increased gold export revenues, remittance inflows and renewed investor confidence have also helped strengthen the cedi against major international currencies.
The Governor assured that the central bank would continue to closely monitor developments within the foreign exchange market to prevent excessive fluctuations and maintain stability.
“We will continue to implement the appropriate measures necessary to maintain confidence and stability in the currency market,” he added.
His comments come after the Monetary Policy Committee decided to maintain the policy rate at 14 percent amid easing inflationary pressures and improving economic indicators.
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