The Governor of the Bank of Ghana, Dr. Johnson Asiamah, has dismissed claims that the Central Bank is artificially manipulating the exchange rate to boost the value of the Ghanaian cedi.
Speaking at the Ghana CEO Summit in Accra on Monday, Dr. Asiamah addressed growing speculation following the cedi’s notable appreciation in recent weeks. The local currency has strengthened by 24.1% against the U.S. dollar since the beginning of the year.
“Our cedi has appreciated by 24.1% against the US dollar. Let me emphasise that the Central Bank is not using international reserves to prop up the cedi, nor are we engineering an unsustainable appreciation,” Dr. Asiamah stated firmly.
He attributed the cedi’s performance to a mix of sound macroeconomic policies and structural reforms, not artificial interventions. The Governor pointed to key factors such as tight monetary policy, foreign exchange market reforms, increased remittance inflows, and strengthened market surveillance as the main drivers behind the currency’s recent strength.
“These are not short-term interventions. They are deliberate, structural changes aimed at ensuring long-term stability.” ” he stressed.
Dr. Asiamah’s remarks come amid heightened interest in the cedi’s trajectory, as Ghana continues to implement reforms under its IMF-supported economic recovery programme. The Central Bank has maintained that its focus remains on reducing volatility in the forex market and reinforcing investor confidence.
The CEO Summit provided a platform for business leaders and policymakers to explore sustainable strategies for Ghana’s economic transformation under the theme: “Leading Ghana’s Economic Reset: Transforming Business and Governance for a Sustainable Futuristic Economy.”
Comments