Cedi Depreciation Not a Reversal of Stability Gains – BoG Governor
Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has assured that the recent depreciation of the cedi does not signal a reversal of the currency’s hard-won stability gains.
Speaking at an SME forum organised by the Ghana Association of Banks on Thursday, September 11, Dr. Asiama explained that the central bank remains focused on safeguarding reserves, anchoring investor confidence, and maintaining a predictable exchange rate environment.
“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 emphasised.
The Governor noted that the ultimate goal of the bank’s interventions is not just defending the cedi, but creating a transparent and predictable foreign exchange regime to empower Ghanaian businesses.
“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,” he added.
His remarks follow the central bank’s August 20, 2025, foreign exchange directive, which restricts banks from granting corporates cash withdrawals in foreign currency unless equivalent FX deposits have already been lodged.
The local currency has come under renewed pressure, 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 supply.
The BoG has also moderated its market interventions in recent weeks, releasing lower FX supply volumes compared to May, June, and July.
Bloomberg reported on September 4, 2025, that the cedi weakened by 13% in the third quarter alone, erasing part of its earlier 50% rally that made it the world’s best-performing currency in the three months through June, buoyed largely by high global gold prices.
Please download our HOTDIGITAL ONLINE APP and follow HotDigital Online on our social media platforms to stay updated on our upcoming initiatives.
#HotDigitalHealthAwareness #CommunityHealth #GhanaNursesAssociationUK #HealthMatters #HotDigitalOnline #StrongerTogether
