President John Dramani Mahama has stated that the Bank of Ghana will intervene if the exchange rate falls below a certain threshold.
Mahama noted that some people are saying the cedi will come to GHS1 to $1. But according to him that will be extreme and will collapse Ghana’s exports.
According to John Mahama, the Bank of Ghana will intervene if the exchange rate falls below a certain threshold to keep it within an acceptable range.
Engaging some stakeholders on the implementation of the policy in Accra John Mahama stated, “The cedi recently has appreciated in value it is the result of close coordination between fiscal and monitoring between the Central and the Ministry of Finance and it is based on the Forex auction and demand and supply.
It is not like somebody is forcing the dollar down it is as a result of finding the true value of the cedi and I believe it will arrest where the true value is based on the issues of demand and supply”.
He added, “Some People say it will come to GHS1 to $1. No, that’s extreme. We’ll eventually collapse our export sector if that happens. The governor of the Bank has an eye on it and if it goes below a certain floor I am sure the Bank of Ghana will make an intervention to make sure it remains within a certain band that give the true value of the cedi against the other foreign currencies.
So don’t panic if you haven’t changed your dollars already I don’t know how much further lower it will go but the governor has an eye on it and we will see how things go”, John Mahama added.
However, Dr Johnson Asiamah, the Governor of the Bank of Ghana has revealed that the Central Bank is not using international reserves to support the cedi.
According to Dr Johnson Asiamah, the Ghana cedis have appreciated by 24.1%.
The BoG boss has also brushed off claims that the Central Bank is deliberately manipulating the exchange rate to drive the recent appreciation of the Cedi.
He further revealed that the recent cedi appreciation is not backed by the Central Banks international reserves but through disciplined monetary policy, improved remittance flows, and enhanced market surveillance.
On Monday, May 26, 2025, speaking at the Ghana CEO Summit held in Accra Dr. Asiamah detailed, “Our Cedi has appreciated by 24.1% against the US dollar. Let me emphasise that the Central Bank is not using international reserves to support the Cedi, nor are we engineering an appreciation, of the Cedi that will not be sustainable,
It is all market-driven, and the strengthening of the currency reflects a blend of disciplined monetary policy tailored to forex auction reforms, enhanced remittance channels and stricter market surveilling.
These are not short-term interventions they are deliberate, structural changes aimed at ensuring long-term stability,” he added.
Watch the video below:
Cedi Appreciation: BOG will intervene if exchange rate falls below a certain threshold to keep it within an acceptable range —President John Mahama.#JoyNews pic.twitter.com/OpS8io0hiV
— JoyNews (@JoyNewsOnTV) May 28, 2025
