President Mahama Confirms Halt in FX Interventions by BoG, Says Cedi Left to Adjust Naturally to the Market
President John Dramani Mahama has confirmed that the Bank of Ghana (BoG) has halted its interventions in the foreign exchange market, allowing the cedi to adjust on its own after a period of sharp depreciation.
Speaking during a media engagement at Jubilee House on Wednesday, September 10, the President explained that the central bank’s interventions were necessary at the height of currency volatility, when steep losses undermined economic planning.
“I believe that it is about stopping rapid depreciation of the currency. When you have steep depreciation of about, like we had in 2024, 25% depreciation in the currency in the first half of the year, it makes planning difficult. And so yes, Bank of Ghana has been intervening in the forex market but they’ve withdrawn,” Mr Mahama said.
He noted that the cedi is now undergoing a natural market adjustment and projected stability going forward. “The cedi is making an adjustment and I believe that it will settle at a certain rate and we’ll make sure that any depreciation that occurs in the value of the cedi is within a margin of about 5% per annum,” he added.
His remarks come amid public scrutiny over the performance of the cedi and speculation about the extent of BoG’s support operations. Government, he said, remains committed to ensuring that any further depreciation is contained within sustainable limits to restore confidence in the financial system and support long-term economic planning.
