Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has said that the recent stability of the local currency, the Cedi, is not because the central bank is directly intervening with its dollar reserves.
Dr Asiama said that a number of measures have been introduced, which are resulting in stability.
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He explained that the BoG is currently implementing some foreign exchange market reforms to shore up the Cedi.
According to data from the Bank of Ghana, the Cedi had appreciated by 2.76% against the dollar as of April 2025. The Cedi has experienced one of its most sustained periods of stability in recent years.
“The stability you are seeing now is not because we are intervening, it is not because we are selling reserves for stability, no. Remember our reserves programmes actually go up by the day, we are building more and more reserves. All that we are doing is strengthening the surge in inflows a number of foreign exchange market reforms are being implemented,” he said.
He added, “It is the combination of all these factors that you are seeing. So long as we hold that anchor, we will continue to see stability. I made the point earlier that when we say stability, it doesn’t mean the Cedi has to be fixed, it doesn’t mean that the Cedi has to over appreciate because that in itself is not good for our export.
“So in real terms, we are observing the trends, we want to make sure the Cedi is not misaligned with the real terms. It stays within some kind of range that is appreciated, a range that is consistent with macroeconomic stability.”
“All I can tell you at this point is that the days of excessive volatility of the Cedi is certainly coming to an end,” he told Joy News.
