'We’re guiding cedi to its true level' - Isaac Adongo 

Bank of Ghana Board Member Isaac Adongo says the recent calm in the cedi’s volatility is intentional. He spoke on JoyNews’ PM Express on May 14.

Adongo stated that the era of reckless monetary management is over. Ghanaians are now seeing disciplined leadership under President John Mahama and Finance Minister Cassiel Ato Forson.

He explained, “What is happening now is an intentional policy implementation.” The Ministry of Finance and the central bank are working together. Both institutions are collaborating to stabilize the cedi.

When asked if the cedi had been “arrested,” Adongo responded sarcastically. He said, “No, we have not arrested the cedi.” He added that they are gradually massaging it to find its true level.

For Adongo, this effort isn’t about grand gestures or media gimmicks. It’s about sending a clear message to the market. They want to apply pressure where it matters most.

He emphasized, “We are trying to let them know—‘Hey, we are in Ghana now.’” With Akufo-Addo and Bawumia gone, it’s now Ato Forson and John Mahama in charge. If anyone misbehaves, they will face consequences.

Adongo noted that their priority is not chasing unrealistic exchange rate targets. Instead, they aim for lasting macroeconomic balance.

“We seek stability, not a jump from ¢15 to ¢3,” he said. Their goal is for the cedi to find a level that supports the economy.

He explained that while calm in exchange rates provides immediate relief, there’s a broader plan. They aim to tackle inflation at its roots.

“This is an initial remedy for Ghanaians,” he stated. The ultimate goal is to address food inflation directly.