The Governor of the Bank of Ghana has dismissed claims that the recent appreciation of the Cedi is being artificially engineered by the Central Bank.

Speaking at the Ghana CEO Summit in Accra on Monday, Dr Johnson Asiama said the currency’s strong performance against major foreign currencies was underpinned by structural improvements in the economy, not by short-term interventions or manipulation.

“Our Cedi has appreciated by 24.1% against the US dollar,” he told business leaders. “Let me emphasise that the Central Bank is not using international reserves to prop up the Cedi, nor are we engineering an unsustainable appreciation.”

Speculation had been mounting in recent weeks over the local currency’s rally, prompting concerns about the possibility of behind-the-scenes intervention by the Central Bank.

But Dr Asiama attributed the gains to a mix of disciplined monetary policy, foreign exchange market reforms, and a rise in foreign inflows. He described these developments as “deliberate, structural changes” aimed at delivering long-term economic stability.

He also cited improved remittance flows and stronger market surveillance as further evidence that the Cedi’s appreciation is rooted in sound economic fundamentals.

Dr Asiama assured the business community that the Bank of Ghana remained committed to transparency and credibility in its monetary operations.

Source:TheDotNews