The Governor of the Bank of Ghana, Dr. Johnson Asiamah, has cautioned that the recent stability and strengthening of the Ghanaian cedi should not be viewed as a permanent achievement, emphasizing the need for ongoing economic discipline and productivity to ensure long-term currency stability.
The remarks were made on Wednesday, January 7, 2026, during a courtesy visit by the Asantehene, Otumfuo Osei Tutu II, to the Central Bank’s headquarters in Accra.
Addressing a prior question from the Asantehene posed at Manhyia Palace regarding the cedi’s performance, Dr. Asiamah provided an optimistic yet prudent update.
“We are happy to report that the cedi ended the year in a much stronger position than many would have anticipated a year ago,” Dr. Asiamah stated.
He referenced data from Forbes magazine, which highlighted the cedi’s year-end rate of approximately GH¢10.67 to the US dollar, ranking it among the top-performing currencies in Africa for 2024.
The Governor attributed this improvement to several factors, including enhanced market sentiment, stronger fundamentals, increased reserves, reduced inflation, and restored policy credibility.
However, he urged caution, stating, “We remain careful in all these, not to confuse improvement, with permanency.”
Dr. Asiamah further explained that true exchange rate stability is an ongoing process, not a one-time declaration.
“A currency remains strong only when the real economy beneath it is productive, only when the economy beneath it is competitive and only when the economy beneath it is disciplined,” he asserted.