Central Bank not engineering Cedi appreciation – BoG Governor

Dr. Johnson Asiamah, the Governor of the Bank of Ghana, dismissed claims that the Central Bank is manipulating the exchange rate. He stated that the Central Bank is not using international reserves to support the cedi.

Dr. Asiamah noted that the Ghana cedi has appreciated by 24.1%. He emphasized that this appreciation is not due to reserve support but results from disciplined monetary policy and improved remittance flows.

On May 26, 2025, at the Ghana CEO Summit in Accra, he explained further. “Our cedi has appreciated by 24.1% against the US dollar,” he said. He reiterated that this appreciation is market-driven and reflects structural changes for long-term stability.

Meanwhile, President John Dramani Mahama responded to former Vice President Dr. Mahamudu Bawumia's comments about cedi appreciation policies. In a meeting with clergy on May 23, he rejected Bawumia’s claim that NDC cannot identify a single policy for this change.

Mahama stated, “It’s not about one policy. The answer is effective leadership.” He expressed confidence in turning around the economy and improving lives through strong leadership.

He also promised to sustain cedi gains beyond his current term. “We will set such a standard in government that future leaders cannot reverse our progress,” he added.