Cedi Depreciation Temporary, No Cause for Alarm – BOG Governor
By Nii Trebi Hammond
The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama has urged Ghanaians not to panic over the recent depreciation of the cedi, describing the development as temporary and driven by short-term factors.
Speaking at the 128th Monetary Policy Committee (MPC) press briefing on Wednesday, Dr. Asiama addressed concerns following the cedi’s approximately 4 percent depreciation against major trading currencies in recent weeks.
Responding to questions on whether the currency’s performance should be a cause for worry, he explained that the recent movement does not reflect underlying weaknesses in the economy. Rather, it is the result of short-term pressures in the foreign exchange market, which are expected to ease.
According to the Governor, such fluctuations are not unusual and often occur due to temporary market dynamics. He expressed confidence that as these pressures subside, conditions will stabilise and the currency will realign.
The comments come amid heightened public attention on exchange rate movements, given their impact on prices, imports, and the cost of living. The Bank of Ghana says it continues to monitor developments closely and remains committed to maintaining macroeconomic and exchange rate stability.
