Cedi Appreciation isn’t Accidental- BoG Governor Tells Asantehene

The Governor of the Bank of Ghana (BoG), Johnson Asiama has reported that the appreciation of the cedi isn’t by accident, but through deliberate and consistent reforms laid out.

Recalling concerns raised by Otumfuo Osei Tutu II, Asantehene, during a courtesy call by the Board and Management of the Bank last year, he told the King that the cedi gains were premised on prudent policies and measures.

He outlined sustained monetary discipline, improved food supply conditions, and closer coordination between the Central Bank and the Ministry of Finance as the foundational bricks.

That said, he said his outfit was not being complacent about the gains as it is recognised as an improvement, not a permanent one.

“Exchange rate stability is not something that can be declared; it must be earned continuously. A currency remains strong only when the real economy beneath it is productive, competitive, and disciplined. That is why we see the cedi’s performance not as a victory lap, but as a responsibility,” he said when Otumfuo honoured the Bank with a visit on January 8, 2025.

He acknowledged that fiscal restraint instead of excess, production over consumption, exports over imports, and long-term thinking over short-term comfort will guarantee a sustainable cedi performance.

Dr Asiama recognises that the Asantehene has consistently advocated for these.

“You have spoken about the need to empower Ghanaian enterprise, support education, and build an economy that produces, not merely trades. These messages align closely with what economic history teaches us: that prosperity follows discipline, and stability follows credibility.”

The cedi ended 2025 at about GH¢10.67 per US dollar, emerging as one of the strongest-performing currencies on the African continent, according to Forbes.

Story by Hajara Fuseini

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