“Sometimes it’s deliberate to allow the cedi to depreciate a little” – Governor assures of control

Dr. Johnson Asiama, Governor of the Bank of Ghana, has assured businesses that the recent fluctuations in the foreign exchange market are under control. The cedi has lost value against the dollar over the past few weeks due to pressures from Christmas-related imports. Addressing capital market stakeholders at the Ghana Stock Exchange, the Governor urged businesses to remain confident in the stability of the foreign exchange market.

The local currency has recently depreciated to approximately 12 cedis per dollar at certain forex bureaus, while the Bank of Ghana sells it at around 11.59 cedis as of Thursday. This depreciation is part of a strategy to keep the economy moving, and the Governor emphasized that there is no reason for concern. "Managing an economy, sometimes things might be challenging, but it doesn't mean we lose control.

Sometimes, it's intentional policy to allow the cedi to depreciate a little bit. It's all within the strategy," the Governor explained.

Regarding major economic growth, the Governor called upon managers of various sectors to maintain confidence in the system. He asked the Central Securities Depository (CSD) to ensure transparent information on investment portfolios is shared with the investing public. The Governor believes this will make the capital market more appealing to potential and young investors.