Cedi Stability Reflects Ghana’s Macroeconomic Progress – BoG Governor

The Governor of the Bank of Ghana, Dr. Johnson Asiama, has assured Ghanaians that the recent stability of the Cedi reflects a broader commitment to maintaining macroeconomic balance rather than artificial control of the exchange rate.

In an interview with Joy News, Dr. Asiama clarified that currency stability does not imply fixing the exchange rate or allowing the Cedi to strengthen excessively. According to him, an overly strong Cedi could harm the country’s export competitiveness. “Stability doesn’t mean the Cedi must be fixed or be overly strong — that could hurt our exports. What we want is to ensure that the Cedi remains aligned with real economic fundamentals,” he said.

The central bank is closely monitoring exchange rate movements to ensure the Cedi trades within a sustainable and realistic range. Dr. Asiama emphasized that the focus is on avoiding misalignment, not artificially maintaining strength.

“The era of sharp and erratic swings in the value of the Cedi is gradually ending,” he stated confidently.

According to the BoG, the Cedi had gained 2.76% against the US dollar as of April 2025 — marking one of the most stable stretches for the currency in recent years.

Dr. Asiama attributed this improved performance to several reforms being rolled out in the foreign exchange market, rather than heavy interventions or reserve sales. “The current stability isn’t the result of us dumping reserves into the market. In fact, our reserves are growing steadily,” he said. “We are working on boosting inflows and implementing meaningful market reforms.”

He concluded that the Bank of Ghana's commitment to a sound macroeconomic framework, combined with prudent reforms, is the driving force behind the Cedi’s resilience — and the country can expect continued stability if these efforts are maintained.