BoG Governor Warns Against Panic Over Black Market FX Speculation, Urges Focus on Official Data
Governor of the Bank of Ghana, Dr. Johnson Asiama, has cautioned the public against relying on unverified foreign exchange projections from informal black market traders, popularly known as Zamraman, warning that such speculative narratives undermine confidence in the local currency.
Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting on Tuesday, July 15, 2025, Dr. Asiama expressed concern that many Ghanaians continue to base their exchange rate expectations on hearsay rather than on macroeconomic fundamentals and official data published by the central bank.
“It appears in Ghana the way we form our expectations when it comes to the exchange rate is to listen to the Zamraman, is to listen to the Alhaji in the corner. I think that’s where the problem is,” the Governor remarked, adding that this behaviour often triggers unnecessary panic and premature liquidation of investments.
According to Dr. Asiama, speculative sentiments from black market operators are not supported by economic data released after the Bank’s Monetary Policy Committee (MPC) meetings. He pointed to key indicators such as a doubling of the country’s trade surplus and a jump in the current account balance from US$66 million to over US$2 billion in the first quarter of 2025, as evidence of Ghana’s improving external position.
“You have a country whose trade surplus has doubled compared to last year. Why are you surprised when the exchange rate is showing stability? Look at the data,” he urged.
The BoG Governor called on the media and the wider public to anchor their currency expectations in official data and economic fundamentals, rather than speculative commentary.
He further explained that exchange rate movements are a normal feature of a flexible regime and serve as a buffer against external shocks. “Allow the exchange rate to move,” he stressed. “Today it may rise, tomorrow it may come down. Because it’s an endogenous variable. When it moves, it’s actually protecting the country.”
Dr. Asiama’s remarks come amid renewed volatility in the forex market and growing concern over the role of parallel market actors in shaping investor sentiment. The Central Bank continues to maintain a managed float regime, intervening only to smooth excessive volatility and preserve macroeconomic stability.
