GHS1 to $1 will be extreme, it will collapse our export sector – John Mahama

President John Dramani Mahama has commented on the cedi's value. He stated that a rate of GHS1 to $1 would be extreme. Such a situation could collapse Ghana’s export sector.

Mahama mentioned that some people predict the cedi will reach this rate. However, he believes this prediction is unrealistic. The Bank of Ghana will intervene if the exchange rate falls too low.

During a meeting in Accra, Mahama discussed recent changes in the cedi's value. He noted that it has appreciated due to coordination between the Central Bank and the Ministry of Finance. This appreciation results from demand and supply dynamics, not manipulation.

He reassured people not to panic about changing their dollars yet. The governor is monitoring the situation closely for any necessary interventions.

Dr. Johnson Asiamah, Governor of the Bank of Ghana, also spoke on this issue. He confirmed that the Central Bank is not using international reserves to support the cedi. Instead, he reported a 24.1% appreciation against the US dollar.

Asiamah dismissed claims of deliberate manipulation by the Central Bank. He explained that recent gains are due to disciplined monetary policy and improved remittance flows.

At the Ghana CEO Summit, he emphasized that these changes are market-driven. They reflect structural adjustments aimed at ensuring long-term stability for the currency.

In summary, both Mahama and Asiamah agree on careful monitoring of exchange rates to maintain economic stability.