President John Dramani Mahama has weighed in on recent concerns about the performance of the Ghanaian cedi, cautioning against panic and assuring Ghanaians that the Bank of Ghana is monitoring the situation closely.
Engaging stakeholders in Accra on the implementation of his proposed 24-Hour Economy policy, Mahama took a moment to address growing public anxiety about the depreciation of the local currency.
“And so I don’t envisage that some people say to come to one city, one dollar. No, that’s extreme. We’ll virtually collapse our export sector if that happens,” he said, dismissing speculation about a dramatic appreciation of the cedi to match the U.S. dollar.
While acknowledging current fluctuations, Mahama expressed confidence in the central bank’s oversight and its readiness to act if the cedi’s value falls below a manageable level.
“But I think that the governor of the bank has an eye on it. And if it goes below a certain floor, I’m sure that the Bank of Ghana will make an intervention to make sure that it remains within a certain band that gives the true value of the cedi against other foreign currencies,” he explained.
He called on Ghanaians not to panic, especially those concerned about when to convert their foreign currency.
“So don’t panic. And if you haven’t changed your dollars already, I don’t know how much lower it will go. But the governor has an eye on it and we’ll see how things go,” he added.
