Governor Asiama Refutes Claims of Using Reserves to Support Cedi Appreciation
Governor of the Bank of Ghana (BoG), Dr Johnson Asiamah, has dismissed assertions that the Central Bank is artificially influencing the foreign exchange market to account for the recent strengthening of the Cedi against the US dollar.
The Cedi has seen a marked appreciation in recent weeks, prompting speculation among market watchers and segments of the public that the BoG may be propping up the currency using its international reserves or other unorthodox measures.
Addressing participants at the Ghana CEO Summit themed, “Leading Ghana’s Economic Reset: Transforming Business and Governance for a Sustainable Futuristic Economy,” in Accra on Monday, May 26, 2025, Dr Asiamah described such claims as unfounded, attributing the Cedi’s rebound to improved macroeconomic fundamentals and structural policy reforms.
“Our Cedi has appreciated by 24.1% against the US dollar. Let me emphasise that the Central Bank is not using international reserves to prop up the Cedi, nor are we engineering an unsustainable appreciation,” he stated.
According to the Governor, the local currency’s gains are being driven by disciplined monetary policy, targeted foreign exchange market reforms, enhanced remittance inflows, and robust market surveillance by the Central Bank.
“These are not short-term interventions—they are deliberate, structural changes aimed at ensuring long-term stability,” Dr Asiamah noted.
His remarks come amid a period of growing confidence in the Ghanaian economy, with analysts pointing to improving fiscal metrics, declining inflation, and renewed investor interest following recent economic recovery efforts.
