Bank of Ghana Governor Dr. Johnson Asiama clarified that the Central Bank does not set a specific target for the cedi’s appreciation. He spoke after the Monetary Policy Committee (MPC) reviewed recent economic trends.

Dr. Asiama said the Bank does not plan to act once the cedi reaches a certain appreciation level. Instead, it focuses on preventing extreme depreciation.

“We have no policy that triggers action when the cedi appreciates too much,” he explained. “Our priority is to avoid excessive depreciation, not to force appreciation.”

He also addressed market rumors and assured that the Bank avoids speculation. “Many speculate, but the Bank stays out of that,” he said. “We aim to keep exchange rate swings within reasonable limits.”

The Governor said the Bank monitors overall exchange rate trends, especially the real effective exchange rate. “Some fluctuations are normal,” he added, “but we work to limit excessive volatility.”

Dr. Asiama rejected claims that the cedi’s rise comes from depleted reserves. He credited strong reserves, sound monetary policy, and positive market sentiment for the currency’s strength.

“The cedi’s gains reflect solid reserves and market confidence,” he stated. “Market perception plays a big role in the currency’s performance.”

Data from the Bank of Ghana released on May 22, 2025, showed the cedi appreciated by 24.1% against the US dollar. At the end of April 2025, Ghana’s reserves stood at $10.6 billion.