President John Dramani Mahama has projected that the cedi’s depreciation will remain moderate in the coming months, staying within a band of around 5% per annum.
He described the recent currency fluctuations as part of a natural adjustment process rather than a sign of renewed instability.
Speaking at a media engagement on Wednesday, the President acknowledged that the Bank of Ghana (BoG) had intervened aggressively in the first half of 2024, when the local currency depreciated by nearly 25%.
He noted, however, that the central bank has since scaled back direct interventions as the cedi shows signs of stabilising.
President Mahama assured businesses and investors of greater currency stability, stressing that the government’s focus on fiscal discipline, prudent expenditure management and stronger macroeconomic fundamentals will provide a more predictable environment for trade and investment.
“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 And so yes, Bank of Ghana BoG has been intervening in the forex market but they’ve withdrawn,” he said.
“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,” President Mahama added.
The Cedi saw a sharp appreciation against major international currencies earlier this year but has slowed in recent weeks sparking fears over a reversal of the gains made.
