Isaac Adongo, a Board Member of the Bank of Ghana has stated the Bank of Ghana and the Ministry of Finance are massaging the cedi to find its true level
The member of parliament asserted that the NDC government has not arrested the cedi and the man who claimed to arrest the cedi is out there.
According to Isaac Adongo, they are gradually massaging the cedi to find its true level.
Speaking on JOYNEWS Isaac Adongo detailed, “What is happening else is an intentional policy implementation, and it is a complementary effort from the Ministry of Finance and the central bank. The central bank is doing its bit, and government, under the leadership of the Finance Minister Dr Cassiel Ato Forson, is also doing its bit, so the two of them are collaborating.”
“This is an initial remedy to give Ghanaians some relief, whilst the fruit that we really want to bear is to tackle head-on food inflation,” Hon Adongo added.
He added, “No, we have not arrested the cedi. The man who arrested it is out there,”
“What is happening to the cedi now is that we are gradually massaging it to find its true level.”
“We are trying to let them know: ‘Hey, we are in Ghana now. Akufo-Addo is gone… Bawumia is gone. It is now Ato Forson and John Mahama. If you misbehave, we’ll deal with you.’ And they are beginning to say, ‘Yes sir, yes sir.’ That’s what we are doing”
“What we are looking for is stability, not a quantum jump of the cedi from ¢15 cedis to ¢3. What we are doing now is to get the cedi to find the level that supports the economy,” Isaac Adongo indicated.
Meanwhile, Bloomberg reports the Ghana cedi has appreciated since the beginning of April, appreciating by a remarkable 16%.
As of May 15, 2025, the cedi is trading at GH¢12.45 to the dollar.
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