BoG Governor dismisses exchange rate manipulation claims, credits cedi’s gains to structural reforms
The Governor of the Bank of Ghana, Dr. Johnson Asiamah, has rejected allegations that the central bank was manipulating the exchange rate following the recent sharp appreciation of the Ghanaian Cedi.
Speaking at the Ghana CEO Summit in Accra on Monday, May 26, Dr. Asiamah firmly stated, “Our Cedi has appreciated by 24.1% against the US dollar. Let me emphasise that the Central Bank is not using international reserves to prop up the Cedi, nor are we engineering an unsustainable appreciation.”
He attributed the Cedi’s strength to sound macroeconomic fundamentals, citing monetary discipline, targeted forex market reforms, increased remittance inflows, and enhanced market oversight as key drivers.
“These are not short-term interventions—they are deliberate, structural changes aimed at ensuring long-term stability,” he said.
The Governor’s remarks come amid speculation from some market analysts and stakeholders that the BoG may be artificially bolstering the local currency. However, Dr. Asiamah stressed that the gains reflect a strategic policy shift rather than temporary market intervention.
