Stabilising the Cedi key to enforcing forex rules – 1st Deputy Governor assures public

The Bank of Ghana (BoG) has reaffirmed its commitment to sustaining the stability of the cedi, describing it as a critical step towards enforcing foreign exchange (forex) regulations and restoring market confidence.

Speaking in an interview, First Deputy Governor of the BoG, Dr Zakari Mumuni, stressed the importance of a stable local currency in reducing dollar demand and supporting compliance with forex rules.

“When you firmly stabilise the cedi and restore confidence, demand for the dollar will obviously go down. Some businesses will also move away from quoting in foreign currencies,” Dr Mumuni stated.

He explained that while regulatory enforcement remains a priority, stabilising the currency will enhance its effectiveness. “The Bank of Ghana is committed to enforcing all our regulations, but we also believe that things will be easier when the local currency is firmly stabilised,” he said.

Sustaining the Cedi’s Stability

Dr Mumuni assured the public that the BoG has put in place robust measures to maintain the current stability of the cedi, amid ongoing concerns from some market analysts about the sustainability of recent gains.

“This time it will be different. We have built the required reserves to support the local currency. A lot of actions have been taken that have aided market confidence,” he affirmed.

He called on the public and the business community to have confidence in the central bank’s strategy and resist panic.

“We want to assure the public and the business community that there is no need to panic,” he concluded.

The BoG’s renewed assurance comes as part of broader efforts to strengthen Ghana’s monetary system and enhance investor and consumer confidence in the financial market.