BoG Governor denies cedi manipulation
By The New Finder Reporter
The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiamah, has refuted claims that the Central Bank is deliberately engineering the recent appreciation of the Ghanaian cedi.
Speaking at the 9th Ghana CEO Summit held in Accra yesterday, May 26, 2025, Dr. Asiamah described the recent gains of the cedi as a result of strong market fundamentals, not manipulation by the Bank. He noted that the Central Bank’s current policy approach is geared toward curbing excessive volatility rather than fixing the exchange rate at a particular level.
“There is no deliberate effort by the Bank of Ghana to manipulate the exchange rate. The cedi’s performance is largely driven by improved investor sentiment, strong international reserves, and disciplined macroeconomic management,” Dr. Asiamah said.
He emphasized that the BoG does not operate with a predetermined exchange rate target.
“Our interventions are focused on preventing disruptive swings in the currency market—either extreme depreciation or appreciation—but we do not defend any specific rate,” he explained.
The Governor’s comments come amid speculation from some sections of the public and market watchers that the cedi’s recent stability is being artificially sustained. But Dr. Asiamah dismissed those claims, stressing that the recent performance reflects genuine confidence in the economy.
As of the end of April 2025, Ghana’s international reserves stood at $10.6 billion, providing about 4.7 months of import cover. The cedi has appreciated by 24.1% against the US dollar since the beginning of the year.
Dr. Asiamah also assured the business community that the Bank will continue to monitor exchange rate movements closely and intervene only when necessary to ensure orderly market conditions. He reaffirmed the BoG’s commitment to transparency, accountability, and maintaining sound monetary policy to support sustainable economic growth.
