Governor of the Bank of Ghana, Dr. Johnson Asiama, says the central bank is not artificially intervening in the foreign exchange market despite recent pressures on the cedi, insisting that the Bank’s focus remains on building strong external reserves to support long-term stability.

Speaking after the Monetary Policy Committee of the BoG maintained the policy rate at 14 percent, Dr. Asiama explained that the relative stability of the cedi in recent months has largely been driven by improved market fundamentals, stronger inflows and growing investor confidence.

“We are not intervening in the market in a manner that distorts the exchange rate. What we are doing is building reserves and strengthening buffers for the economy,” he stated.

According to the Governor, Ghana’s reserve position has improved significantly, helping the country withstand external shocks and support confidence in the local currency.

“The reserve accumulation programme is progressing well and this is providing confidence to the market and supporting exchange rate stability,” he added.

Dr. Asiama further assured businesses and investors that the central bank remains committed to prudent monetary management and would continue to monitor developments in the foreign exchange market closely.

“Our objective is to ensure long-term macroeconomic stability and avoid a return to the era of sustained currency depreciation,” he stressed.

The Governor acknowledged that global uncertainties, particularly tensions in the Middle East and fluctuations in commodity prices, continue to pose risks to emerging market currencies, including the cedi.

However, he maintained that Ghana’s improving macroeconomic indicators, easing inflation and stronger foreign reserve position are helping to cushion the economy against external pressures

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Bank of Ghana Governor says they do not interfere in the market but build reserves to support the cedi

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