Governor of the Bank of Ghana, (BoG) Dr Johnson Asiama, says the country is unlikely to return to the period of persistent cedi depreciation as ongoing economic reforms continue to
The report indicates that governor of the Bank of Ghana, (BoG) Dr Johnson Asiama, says the country is unlikely to return to the period of persistent cedi depreciation as ongoing economic reforms continue to strengthen confidence in the economy.
It further notes that addressing the media after the central bank’s 130th Monetary Policy Committee meeting in Accra, Dr. Asiama stated recent gains in the foreign exchange market reflect stronger economic fundamentals and coordinated policy interventions.
“We do not foresee a return to the era of sustained depreciation of the cedi,” he assured.
According to the Governor, improved foreign exchange inflows, rising reserve buffers and fiscal discipline have played a major role in stabilising the local currency in recent months.
He added that increased gold export earnings, remittance inflows and renewed investor confidence are also contributing to the cedi’s relative stability against major trading currencies.
“The stability we are witnessing is backed by stronger macroeconomic conditions and prudent policy measures,” Dr. Asiama explained.
He emphasised that the central bank remains committed to maintaining tight monitoring of the foreign exchange market to prevent excessive volatility and preserve stability.
“We will continue to implement the appropriate measures necessary to maintain confidence and stability in the currency market,” he added.
The assurance comes after the Monetary Policy Committee maintained the policy rate at 14 percent amid easing inflation and improving economic indicators.
