Dr Johnson Asiamah, Governor of the Bank of Ghana (BoG), has challenged allegations the recent rapid appreciation of the cedi was due to the central bank manipulating the exchange rate.

He spoke at the Ghana CEO Summit in Accra on Monday, May 26, 2025.

“Our cedi has appreciated by 24.1% against the US dollar,” he underlined.

“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 declared.

Dr Asiamah pointed to sound macroeconomic fundamentals, monetary discipline, targeted forex market reforms, increased remittance inflows, and enhanced market oversight as the propellers of the cedi’s impressive advancement.

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

From GHS16 to US$1, now the rate is GHS10.35 to US$1.