Cedi appreciation not engineered – BoG Governor

Dr. Johnson Asiamah, the Governor of the Bank of Ghana, has denied claims that the Central Bank is manipulating the exchange rate.

Recent weeks have seen significant gains in the Cedi. This has led to speculation about artificial measures affecting its value.

At the Ghana CEO Summit in Accra on May 26, 2025, Dr. Asiamah spoke about this issue. He said the Cedi's performance is due to strong macroeconomic fundamentals.

“Our Cedi has appreciated by 24.1% against the US dollar,” he stated. He emphasized that the Central Bank is not using international reserves to support the Cedi.

He also noted they are not engineering an unsustainable appreciation of the currency. According to Dr. Asiamah, several factors contribute to the Cedi’s strength.

These include disciplined monetary policy and targeted foreign exchange reforms. Improved remittance flows and enhanced market surveillance also play a role.

“These are not short-term interventions,” he explained. “They are deliberate structural changes for long-term stability.”