Governor of the Bank of Ghana, Dr Johnson Asiama
The Governor of the Bank of Ghana, Dr Johnson Asiama, has revealed that the cedi’s recent 24.1% appreciation against the US dollar is entirely market-driven, dismissing speculation that the Bank intervened.
According to him, claims that the Bank of Ghana is engineering the cedi’s appreciation or supporting it with international reserves are completely false.
Speaking at the 9th Ghana CEO Summit on Monday, May 26, 2025, Dr Asiama attributed the appreciation to a combination of disciplined monetary policy, targeted foreign exchange auction reforms, enhanced remittance channels, and stricter market surveillance.
“Our cedi has appreciated by 24.1% against the US dollar on a year-to-date basis. Now, colleagues, let me emphasise that the central bank is not—and the ‘not’ is in capital letters, using its international reserves to support the cedi. Nor are we engineering an appreciation in the cedi that would be unsustainable,” he stated.
Despite setbacks linked to the government’s broader efforts to stabilise the economy, the Governor stressed that the measures implemented by the central bank are not short-term fixes but long-term structural reforms aimed at maintaining stability in the foreign exchange market.
“It’s all market-driven, and the strengthening of the currency reflects a blend of disciplined monetary policy, tailored foreign exchange auction reforms, enhanced remittance channels, and stricter market surveillance. These are not mere short-term interventions,” he explained.
Dr Asiama’s remarks come amid ongoing discussions about the cedi’s strong performance in 2025, with financial analysts urging robust policies to prevent further depreciation in the final quarter of the year.
BoG Governor Denies Exchange Rate Manipulation Claims:
Dr. Johnson Asiamah, speaking at the Ghana CEO Summit, dismissed claims that the Central Bank is deliberately engineering the cedi’s recent appreciation.#CitiNewsroom pic.twitter.com/lB59dTuFNU— CITI FM 97.3 (@Citi973) May 26, 2025
SP/MA
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