The Governor of the Bank of Ghana, Dr. Johnson Asiamah, has dismissed speculation that the Central Bank is artificially propping up the Cedi to influence its recent appreciation.
Speaking at the Ghana CEO Summit in Accra on Monday, May 26, 2025, Dr. Asiamah clarified that the Cedi’s recent strong performance, recording a 24.1% gain against the US dollar, is not the result of currency manipulation or short-term market interventions.
“I want to state clearly that the Bank of Ghana is not deploying international reserves to support the Cedi, nor are we engineering an unsustainable appreciation,” he said.
Dr. Asiamah attributed the local currency’s resilience to a combination of sound macroeconomic management, including disciplined monetary policy, foreign exchange reforms, increased remittance inflows, and strengthened market oversight.
“These gains are the result of deliberate, structural reforms, not temporary fixes. Our goal is long-term currency stability built on solid fundamentals,” he emphasised.
The Governor’s comments come amid growing public interest in the drivers behind the Cedi’s recent rally, with some observers questioning whether the surge is sustainable.
Dr. Asiamah’s reassurances are expected to bolster market confidence and reinforce the Central Bank’s commitment to transparency and stability.