The Bank of (Ghana BoG) has assured that it remains committed to instituting measures that will help sustain the stability of cedi.
The BoG says this is one of the surest ways to aid the enforcement of the current Foreign Exchange (forex) regulations in the country.
The First Deputy Governor of the BoG, Dr. Zakari Mumuni disclosed this on PM EXPRESS BUSINESS Edition, which airs at 9 pm today, May 15, 2025 on the JOYNEWS channel.
“When you firmly stabilize the cedi and restore confidence, demand for dollar will obviously go down, some businesses will also move away from quoting in foreign currencies”, he said.
“The Bank of Ghana is committed to enforcing all our regulations, but we also believe that things will be easier when the local currency is firmly stabilized” Dr. Mumuni observed.
He pledged that the BoG will work hard to ensure that confidence in the Ghana cedi is fully restored.
Sustaining Cedi’s Stability
Dr. Mumuni disclosed that the central bank has instituted the necessary measures to ensure that the current stability is sustained.
The assurance from the BoG is coming at time some analysts have raised concerns about the current stability of the Ghana cedi and whether it is sustainable.
“This time it will be different. We have built the required reserves to support the local currency. A lot of actions have been taken that have aided market confidence”, he stressed.
He urged the public to trust the measures taken by the BoG to stabilize the cedi for a long time and boost confidence in the forex market.
“We want to assure that public and the business community that there is no need to panic“, he said.
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