BoG vows to protect cedi, preserve economic stability

The Bank of Ghana (BoG) has reaffirmed its commitment to safeguarding the value of the cedi and keeping inflation under control as it works to sustain the country’s economic recovery.

BoG Governor, Dr Johnson Asiama, said the central bank would maintain a cautious approach despite recent improvements in Ghana’s economic indicators, citing continuing global uncertainties, geopolitical tensions and fluctuations in crude oil prices as potential risks.

He made the remarks during a stakeholder engagement with key players in the Bono Region at Sunyani.

Dr Asiama said the central bank’s objective was to maintain a stable macroeconomic environment that would enable businesses to plan effectively, attract investment and expand their operations with greater confidence.

“The progress we have made is encouraging, but we must not become complacent. The global economy remains uncertain, and events beyond our borders can still affect us,” he said.

He added that the BoG would continue to implement policies aimed at protecting the purchasing power of the cedi, maintaining low inflation, safeguarding financial stability and supporting sustainable economic expansion.

The engagement brought together representatives of the business community, the Association of Bankers, the Association of Ghana Industries (AGI), the Ghana Union of Traders Association (GUTA), the Ghana National Chamber of Commerce and Industry (GNCCI), as well as executives of community banks, forex bureaus and microfinance institutions.

According to Dr Asiama, although Ghana’s economic fundamentals have shown encouraging signs, external developments could still create pressure on domestic prices and the foreign exchange market.

He said the current 14 percent policy rate provides the central bank with an appropriate framework to continue managing inflation while creating room for economic activity, investment and business growth.

The Governor further assured stakeholders that the BoG would continue working to maintain stability and efficiency in the foreign exchange market.

He also pledged to strengthen transparency and openness at the central bank as part of efforts to improve communication and build confidence among businesses and the wider public.

“Our goal is simple – to create an economic environment where businesses can grow with confidence, households can plan for the future, and every Ghanaian can share in the benefits of a stable and growing economy,” Dr Asiama said.

The Governor’s remarks underscore the central bank’s intention to balance efforts to support economic growth with measures aimed at protecting price and financial stability amid a challenging global environment.

Prince Antwi

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