Cedi’s Recent Gains Driven by Economic Fundamentals, Says BoG Governor
Story By: Akua Oteng Amponsah
The Bank of Ghana’s Governor, Dr. Johnson Asiamah, has dismissed claims that the central bank is artificially manipulating the exchange rate to drive the cedi’s recent appreciation.
The cedi has gained significantly against the US dollar in recent weeks, sparking speculation about potential central bank intervention.
Speaking at the Ghana CEO Summit in Accra on May 26, 2025, Dr. Asiamah attributed the cedi’s strength to sound macroeconomic fundamentals. “Our cedi has appreciated by 24.1% against the US dollar,” he said. “Let me emphasize that the Central Bank is not using international reserves to prop up the cedi, nor are we engineering an unsustainable appreciation.”
Dr. Asiamah cited disciplined monetary policy, targeted foreign exchange reforms, improved remittance flows, and enhanced market surveillance as the key drivers of the cedi’s performance. “These are not short-term interventions—they are deliberate, structural changes aimed at ensuring long-term stability,” he added.
The governor’s statement suggests that the cedi’s recent gains are driven by underlying economic factors rather than artificial manipulation.
