Cedi Gains: No artificial manipulation – BoG Governor clarifies

The Bank of Ghana (BoG) has dismissed allegations that it is artificially manipulating the exchange rate to influence the recent appreciation of the Ghanaian cedi.

The BoG’s response comes amid growing public and market speculation about the forces behind the cedi’s recent appreciation.

Since January 2025, the cedi has recorded significant gains against major foreign currencies, particularly the US dollar.

According to Bloomberg, the cedi emerged as the world’s best-performing currency as of April 2025, currently trading at around GH₵10.90 to the dollar.

Speaking at the Ghana CEO Summit in Accra on Monday, May 26, 2025, Governor of BoG Dr. Johnson Asiamah, attributed the currency’s rebound to strong macroeconomic fundamentals and prudent policy decisions.

He further stressed that the currency’s performance reflects “deliberate, structural reforms” aimed at ensuring long-term economic stability rather than short-term fixes.

“Our Cedi has appreciated by 24.1% against the US dollar. Now colleagues, let me emphasise that the Central Bank is not using international reserves to prop up the Cedi, nor are we engineering an unsustainable appreciation,” he said.

“These are not short-term interventions—they are deliberate, structural changes aimed at ensuring long-term stability,” he added.