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.
Meanwhile, President John Dramani Mahama has replied to Dr Mahamudu Bawumia the former vice president claiming that the National Democratic Congress (NDC) cannot point out one policy behind the appreciation of the cedi.
Speaking in a meeting with members of the clergy on Friday, May 23, President Mahama rejected Bawumia’s claim, saying, “Somebody says, point to one policy that you have implemented to make the cedi appreciate, and I said one policy? It’s not about one policy. The answer is effective leadership”.
“With effective leadership, we can turn this economy around and create a better life for our people, and that is what I’m committed to,” the president said.
He further pledged that the cedi gains would be sustained beyond his current term.
“To make sure that by the time we finish these four years, we will set such a standard in government that whichever party or whichever people come into governance cannot reverse the gains that we have made in restoring our people’s confidence in our democracy”, he added.
Watch the video below:
The cedi has appreciated by 24%+ – Bank of Ghana Governor Dr Asiama#AbanPapaAba pic.twitter.com/vM8ttSUmhy
— KOJO DYNAMIC 𓃵 (@AnnanPerry) May 26, 2025
