Kuami Eugene a Ghanaian artiste has cried out to President John Mahama to slow down on the cedi appreciation against the dollar.
The Angela hitmaker noted that the strong cedi performance is affecting his dollar reserves.
In a social media post on X, Kuami Eugene wrote, “We beg Pres. John Mahama for slow down small, my dollar reserves all dey go waste”.
He further added that “I’m happy and sad at the same time”.
Meanwhile, President Mahama has stated 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 export.
John Mahama is quoted to have stated, “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, the , 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.
See the post below:
We beg Pres. @JDMahama for slow down small , my dollar reserves all dey go waste .
I’m happy and sad at the same time .— Kuami Eugene (@KuamiEugene) May 28, 2025
— KALYJAY (@gyaigyimii) May 28, 2025
