BY Daniel Bampoe
The Governor of the Bank of Ghana, Dr. Johnson Asiama, has downplayed concerns over the recent depreciation of the Ghanaian cedi, attributing it to seasonal trade pressures rather than a reversal of the stability gains made in recent months.
Speaking at an SME forum organized by the Ghana Association of Banks, Dr. Asiama emphasized that the central bank’s policy interventions aim to protect reserves, anchor investor confidence, and sustain a predictable exchange rate environment.
Cedi’s Recent Performance
The Ghana cedi has experienced a modest depreciation, narrowing its year-to-date gain to 18.51% as of September 9, 2025, due to strong corporate demand and tight foreign exchange supply.
Despite this, the cedi had previously rallied by 50% in the second quarter, driven by buoyant bullion prices and central bank backing, making it the world’s best-performing currency during that period.
However, it has since weakened by 13% in the third quarter, and reduced its performance ever since.
BoG Response
Dr. Asiama highlighted that the recent depreciation reflects the market adjusting to reforms and seasonal trade patterns, rather than a reversal of stability gains.
He emphasized the central bank’s commitment to continued interbank activity and fiscal discipline to restore balance and reinforce long-term stability.
The Bank of Ghana has moderated its market interventions in recent weeks, with lower supply volumes compared to May, June, and July.
New Foreign Exchange Directive
The Bank of Ghana issued a new foreign exchange directive on August 20, 2025, barring banks from granting corporates cash withdrawals in foreign currency unless firms have already lodged equivalent FX deposits.
This measure aims to stabilize the foreign exchange market and mitigate volatility.
