Dr. Johnson Asiama, Governor of the Bank of Ghana (BoG), says the recent gains by the Ghanaian cedi are the result of strong monetary policy and market reforms, not artificial interventions.
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Speaking at the Ghana Association of Banks’ Industry Thought Leadership Event in Accra on Tuesday, June 17, Dr. Asiama said:
“The cedi’s stability reflects the cumulative impact of disciplined monetary policy, increased transparency, and stronger external fundamentals.”
He explained that the BoG had shifted to a market-oriented approach, using a more efficient FX auction framework, tighter market surveillance, and improved alignment between FX demand and real-sector transactions.
These measures, he said, have reduced speculation and ensured that foreign exchange flows are based on genuine trade, investment, and remittances.
IMF Reforms and Fiscal Discipline
Dr. Asiama noted that macro-fiscal reforms under the IMF-supported programme are paying off. “Fiscal discipline is restoring credibility. External financing has improved. Combined with disinflation and positive real interest rates, we’ve anchored confidence.”
He credited resilient exports and remittance inflows for reinforcing Ghana’s FX position and stabilizing investor expectations.
Commitment to a Flexible Exchange Rate
“We are not targeting a fixed exchange rate,” Dr. Asiama clarified. “We remain committed to a flexible regime, driven by fundamentals and responsive to shocks.”
The BoG, he said, remains vigilant and ready to act when necessary to preserve market stability and protect macroeconomic progress.
