BoG to strengthen and sustain cedi gains — Dr. Asiama assures at MPC meeting

Accra, Ghana – Top Knowledge TV | Economy & Finance Desk

The Bank of Ghana (BoG) has reaffirmed its resolve to protect and sustain the recent gains made by the Ghanaian cedi against major international currencies, particularly the US dollar.

Addressing the media after the May 2025 Monetary Policy Committee (MPC) meeting in Accra, Dr. Maxwell Opoku-Afari, First Deputy Governor of the BoG, stated that the central bank is implementing a series of strategic policy interventions to maintain exchange rate stability and restore market confidence.

“We are determined to strengthen the cedi and sustain its current trajectory,” Dr. Opoku-Afari said. “Our combined policy efforts, including the buildup of foreign reserves, improved external financing, and domestic resource mobilization, are beginning to yield the intended results.”

According to Dr. Opoku-Afari, the BoG’s interventions, such as periodic forex auctions, fiscal coordination with the Ministry of Finance, and continued gold purchases under the Gold for Reserves Programme, have helped to slow down the rate of depreciation witnessed earlier in the year.

He added that Ghana’s improved trade balance and a more stable macroeconomic outlook have also contributed to easing pressure on the local currency.

The central bank emphasized the importance of fiscal discipline, investor confidence, and de-dollarization policies as critical components in building a resilient economy. Dr. Opoku-Afari called on the public and the business community to support national efforts to stabilize the currency and manage inflation.

Industry Reactions

Economists and financial analysts have lauded the central bank’s recent actions but caution that sustained discipline and transparency will be needed to consolidate the gains.

“Short-term relief is good, but long-term structural changes will determine whether the cedi remains stable,” said financial analyst Ellen Boateng.

The Ghana cedi, which experienced significant pressure in the early months of 2025, has since seen modest recovery due to enhanced forex supply and improved remittance inflows.

The BoG's assurance comes as inflation shows signs of decelerating, and international confidence in Ghana’s economic management begins to improve, following recent credit rating outlook upgrades.