BoG Governor Johnson Asiama Assures Cedi Stability Despite Recent Depreciation

Bank of Ghana Governor Dr. Johnson Asiama says the recent cedi depreciation is seasonal and not a sign of reversal in stability. He reaffirms policies to protect reserves, maintain investor confidence, and support SMEs.

Jasmine Adjei Anyetei Jasmine Adjei Anyetei
Sep 13, 2025 - 16:08 Updated: Sep 14, 2025 - 12:42
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BoG Governor Johnson Asiama Assures Cedi Stability Despite Recent Depreciation
Governor of the Bank of Ghana, Dr. Johnson Asiama

Accra, Ghana – Governor of the Bank of Ghana, Dr. Johnson Asiama, has assured the public that the recent depreciation of the Ghana cedi does not represent a reversal of the currency’s earlier stability.

Speaking at an SME forum on September 11, Dr. Asiama explained that the modest decline is largely driven by seasonal trade patterns and market adjustments tied to ongoing economic reforms.

Policy Measures to Safeguard Stability

Dr. Asiama highlighted that the central bank’s monetary policies are focused on:

  • Protecting Foreign Reserves: Ensuring adequate buffers to stabilize the currency.

  • Maintaining Investor Confidence: Keeping Ghana an attractive investment destination.

  • Predictable Exchange Rates: Supporting businesses and importers with more certainty.

He also referenced the new FX directive issued on August 20, which restricts banks from issuing foreign currency cash withdrawals to corporates unless there are matching deposits — a move aimed at improving transparency and curbing speculative pressure.

Support for SMEs

Despite the narrowing of the cedi’s year-to-date gains and reduced market interventions, Dr. Asiama reiterated the central bank’s commitment to supporting small and medium-sized enterprises (SMEs) through a more transparent and competitive foreign exchange environment.

“Our reforms are designed to create predictability and fairness in the FX market, giving SMEs confidence to plan, invest, and grow,” he stated.

Market Outlook

Bloomberg recently reported that the cedi depreciated by 13% in Q3, partially offsetting its earlier rally. However, analysts suggest that the central bank’s cautious approach to interventions is meant to encourage a more market-driven exchange rate over time.

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