Dr Johnson Asiama is the Governor of the Bank of Ghana

The Bank of Ghana has cautioned the public against basing exchange rate expectations on projections from unverified black market sources, particularly operators popularly referred to as 'Zamraman', warning that such speculative narratives undermine confidence in Ghana's local currency, the cedi.

Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting on Tuesday, July 15, 2025, the Governor of the Central Bank, Dr Johnson Asiama expressed concern that many Ghanaians continue to base their exchange rate expectations on hearsay rather than on macroeconomic fundamentals and official data published by the central bank.

“It appears in Ghana the way we form our expectations when it comes to the exchange rate is to listen to the 'Zamraman', is to listen to the Alhaji in the corner. I think that’s where the problem is, adding that this behavior often triggers unnecessary panic and premature liquidation of investments," he said.

According to him, speculative sentiments from black market operators are not supported by economic data released after the Bank’s Monetary Policy Committee (MPC) meetings.

He highlighted key indicators such as a doubling of the country’s trade surplus and a jump in the current account balance from US$66 million to over US$2 billion in the first quarter of 2025, as evidence of Ghana’s improving external position.

“You have a country whose trade surplus has doubled compared to last year. Why are you surprised when the exchange rate is showing stability? Look at the data,” he urged.

Dr Asiama however called on the media and the public to anchor their currency expectations in official data and economic fundamentals, rather than speculative commentary.

SP/MA

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