Cedi’s 24.1% surge not artificial – Dr. Asiamah credits structural reforms

The Governor of the Bank of Ghana, Dr. Johnson Asiamah, has rejected claims that the central bank is artificially supporting the Ghanaian Cedi. This follows the Cedi's recent strong performance against the US dollar.

At the 9th Ghana CEO Summit in Accra on May 26, Dr. Asiamah explained that the Cedi’s rise is due to structural reforms and sound economic management under President Mahama's administration.

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

Dr. Asiamah noted that this rebound results from deliberate policy changes aimed at long-term stability. He dismissed speculation that these gains were artificially created to improve perceptions of the economy.

Since President John Dramani Mahama returned to power in early 2025, the Cedi has steadily strengthened against major currencies, especially the US dollar.

Analysts attribute this turnaround to renewed investor confidence and tighter fiscal controls. An aggressive push toward digital governance also plays a role in supporting the local currency.

Additionally, a government crackdown on speculative forex trading and improved export revenue have contributed to this momentum.

While some opposition voices question whether this surge can be sustained, Bank of Ghana leaders assert that it reflects genuine economic recovery—not just a temporary boost from reserve spending.