BoG Ceases Forex Interventions for Cedi Stability – Mahama

President John Dramani Mahama has confirmed that the Bank of Ghana (BoG) has ceased its interventions in the foreign exchange market. He stated the cedi is now adjusting on its own after a period of rapid depreciation. Speaking during a media engagement on Wednesday, September 10, at Jubilee House, the President said the central bank’s earlier actions aimed at curbing sharp currency losses. These losses had made economic planning difficult. The government’s goal was a new phase of Cedi stabilisation.

“I believe that it is about stopping rapid depreciation of the currency. When you have steep depreciation of about like we had in 2024, 25% depreciation in the currency in the first half of the year, it makes planning difficult. And so yes, Bank of Ghana has been intervening in the forex market but they’ve withdrawn,” he stated. The President added that the cedi is now undergoing a natural market adjustment. He assured Ghanaians that the government will maintain measures to ensure any further depreciation remains within manageable limits.

“The Cedi is making an adjustment and I believe that it will settle at a certain rate and we’ll make sure that any depreciation that occurs in the value of the Cedi is within a margin of about 5% per annum,” he said. The remarks come amid growing public scrutiny over the cedi’s performance and the effectiveness of speculated BoG interventions. The government’s commitment to Cedi stabilisation is aimed at restoring confidence in the financial system. It also supports long-term economic planning for the nation’s benefit. This new policy marks a key shift in how the government manages its currency. Experts are now observing the market’s reaction to this hands-off approach. It could have significant implications for Ghana’s economic future.