The Governor of the Bank of Ghana, Dr. Johnson Asiamah, has dismissed claims that the central bank is artificially propping up the Ghanaian Cedi, following its recent strong performance against the US dollar.
Speaking at the 9th Ghana CEO Summit held in Accra on Monday, May 26, Dr. Asiamah attributed the Cedi’s appreciation to structural reforms and prudent economic management under the new Mahama-led administration.
“Our Cedi has appreciated by 24.1% against the US dollar,” he stated. “Let me emphasise that the Central Bank is not using international reserves to prop up the Cedi, nor are we engineering an unsustainable appreciation.”
Dr. Asiamah highlighted that the Cedi’s rebound is the result of deliberate policy interventions aimed at stabilising the economy in the long term. “These are not short-term interventions—they are deliberate, structural changes aimed at ensuring long-term stability,” he said, pushing back on speculation that the gains were being artificially engineered to paint a rosier picture of the economy.
Since President John Dramani Mahama returned to power in early 2025, the cedi has steadily gained ground against major trading currencies, particularly the US dollar.
Analysts have pointed to renewed investor confidence, tighter fiscal controls, and an aggressive push toward digital governance as key contributors to the local currency’s turnaround.
The government’s clampdown on speculative forex trading and improvements in export revenue have also been cited as factors supporting the cedi’s momentum.
While some opposition voices have questioned the sustainability of the currency’s surge, the Bank of Ghana’s leadership insists that the appreciation reflects genuine economic recovery—not a short-lived boost fueled by reserve spending.
