BoG assures cedi's rapid appreciation isn't artificial, won't be short-lived

Dr. Johnson Asiamah, Governor of the Bank of Ghana (BoG), addressed recent allegations. Some claim the cedi's rapid appreciation is due to central bank manipulation. He spoke at the Ghana CEO Summit in Accra on May 26, 2025.

“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. “We are not engineering an unsustainable appreciation,” he declared.

Dr. Asiamah highlighted several factors behind this improvement. These include sound macroeconomic fundamentals and monetary discipline. Targeted forex market reforms and increased remittance inflows also played a role.

He noted that enhanced market oversight contributed to the cedi’s progress as well. “These are not short-term interventions,” he stressed. They are deliberate structural changes for long-term stability.

The exchange rate has improved from GHS16 to US$1 to GHS10.35 to US$1 now.