Dr Johnson Pandit Asiama is the BoG Governor

The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has cautioned individuals hoarding dollars in anticipation of a depreciation to release them.

He explained that the cedi is currently on a path of strengthening and is unlikely to return to its previous pattern of depreciation.

According to him, the economic fundamentals that influence the currency’s direction are now moving in Ghana’s favour, contributing to the cedi’s stability.

Speaking at the Private Investor Roundtable during the AfDB Annual Meetings, Dr. Asiama stated, "To those still holding dollars in anticipation of a return to old patterns of depreciation, I will say this plainly; The market has changed. The narrative has changed. And the policy environment has changed. The cedi’s performance is not an illusion; it is a reflection of real reforms, real discipline, and real resilience."

He also emphasised that the Central Bank is closely monitoring developments and is committed to maintaining the recent gains.

"Even as we remain vigilant, we believe the cedi is entering a new phase of anchored stability. Yes, global dynamics, including a possible rebound in the U.S. dollar or a decline in gold prices, could soften external support. But Ghana’s domestic policy stance is strong enough to cushion such shifts.

"Consider this; inflation is declining, reserves are rising, fiscal policy is tightening, and real sector growth is holding steady. These are the fundamentals that guide currency markets, and they are now moving in Ghana’s favour.

"We are also enforcing foreign exchange market regulations more rigorously. The days of unmonitored FX transactions, speculative arbitrage, and opaque flows are behind us. We are building a market where FX pricing is fair, flows are transparent, and capital is respected," Dr Asiama concluded.

SSD/MA