BoG will intervene if the exchange rate falls below a certain threshold – John Mahama

President John Dramani Mahama announced that the Bank of Ghana will intervene if the exchange rate drops below a certain level.

He mentioned that some people predict the cedi could reach GHS1 to $1. However, he believes this scenario is extreme and would harm Ghana’s exports.

Mahama emphasized that the Bank of Ghana aims to keep the exchange rate within an acceptable range.

While engaging with stakeholders in Accra, he noted that the cedi has recently appreciated in value. This appreciation results from close coordination between the Central Bank and the Ministry of Finance.

Mahama explained that it reflects true market conditions based on demand and supply. He warned against panic regarding currency exchanges, stating, “The governor is monitoring it closely.”

Dr. Johnson Asiamah, Governor of the Bank of Ghana, clarified that they are not using international reserves to support the cedi. He reported a 24.1% appreciation of the cedi against the US dollar.

Asiamah dismissed claims of deliberate manipulation by the Central Bank for currency appreciation. He stated that recent gains stem from disciplined monetary policy and improved remittance flows.

During a speech at the Ghana CEO Summit on May 26, 2025, he reiterated these points. Asiamah stressed that their approach is market-driven and focuses on long-term stability rather than short-term fixes.

These measures include forex auction reforms and enhanced market surveillance to ensure sustainable growth for the cedi.