The Bank of Ghana has urged banks, importers and investors not to bet against the cedi, insisting the economy’s fundamentals remain strong despite renewed pressure on the currency.
Second Deputy Governor Matilda Asante-Asiedu made the call at The Money Summit 2026 in Accra on Tuesday, June 2, organised by the Business and Financial Times. “The fundamentals of this economy do not deserve speculation against our currency,” she said, urging market players to transact on genuine business needs rather than fear.
The cedi has come under renewed strain. By the end of last week it had lost 0.94 percent against the dollar week-on-week and 10.14 percent so far this year, with auction clearing rates rising to between GH¢11.68 and GH¢11.73 to the dollar.
The central bank supplied about $250 million through its auctions last week, but demand outstripped it, with bids of $518 million and $485 million. The Bank put $1 billion into the market in May and plans to raise that to $1.2 billion in June.
Asante-Asiedu tied part of the pressure to higher energy import bills and conflict in the Middle East, saying Ghana has had to provide nearly 40 percent more foreign exchange to pay for oil imports.
She said the country’s buffers remain solid. Gross international reserves rose to $14.4 billion by May 18, about 5.7 months of import cover, up from $13.8 billion at the end of 2025, while the current account surplus widened to $3.10 billion in the first quarter from $2.43 billion a year earlier, helped by gold, cocoa and remittances.
She also pointed to a sharp improvement in the wider economy, with inflation down to 3.4 percent in April from 23.8 percent at the end of 2024 and the policy rate cut from 27 percent to 14 percent. Treasury yields and lending rates have eased as well.
Still, she cautioned that the gains are fragile and rest on policy discipline as Ghana moves from its International Monetary Fund (IMF) Extended Credit Facility to a Policy Coordination Instrument. The Bank plans to keep building reserves toward 15 months of import cover under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP).
