Governor of the Bank of Ghana, Dr. Johnson Asiama, has clarified that the recent depreciation of the cedi should not be interpreted as a reversal of the stability gains made in recent months.
He maintained that the central bank’s policy interventions are focused on protecting reserves, anchoring investor confidence, and sustaining a predictable exchange rate environment.
Speaking at an SME forum organised by the Ghana Association of Banks on Thursday, September 11, Dr. Asiama stressed that the local currency remains fundamentally supported by ongoing reforms and disciplined market activity.
“The recent modest depreciation, some have wondered, reflects the market adjusting to reforms and seasonal trade patterns. It is not at all a reversal. We expect continued interbank activity and fiscal discipline to restore balance and reinforce long-term stability,” he stressed.
He added that: “The purpose of these reforms is not simply to defend the cedi; it is to equip Ghanaian enterprises, especially SMEs, with a transparent, predictable FX environment that enables them to compete confidently in regional and global markets.”
His comments follow a new foreign exchange directive issued on August 20, 2025, which bars banks from granting corporates cash withdrawals in foreign currency unless firms have already lodged equivalent FX deposits.
The Ghana cedi has continued its weak run, with its year-to-date gain narrowing to 18.51% on Tuesday, September 9, 2025, from 20.35% on Friday, September 5, as strong corporate demand met tight foreign exchange supply.
The Bank of Ghana has moderated its market interventions in recent weeks, with supply volumes lower than in May, June, and July.
Bloomberg reported on September 4, 2025, that the local unit had weakened by 13% in the third quarter alone, erasing part of the cedi’s earlier 50% rally. That surge, driven by buoyant bullion prices, had seen the currency ranked as the world’s best performer in the three months through June.
