Ghana’s currency resurgence stems from organic economic improvements rather than artificial support, Bank of Ghana First Deputy Governor Dr. Mumuni Zakaria confirmed today.
The cedi’s sustained appreciation against major currencies coincides with growing foreign reserves that now cover 3.7 months of imports, exceeding IMF benchmarks.
“We’re building confidence, not burning reserves,” Dr. Zakaria told Joy News, dismissing claims of excessive central bank intervention. Ghana’s gross reserves surpassed $10 billion in April through natural accumulation, with petroleum funds pushing coverage to 4.7 months. The deputy governor credited disciplined monetary policies, including aggressive liquidity sterilization and fiscal consolidation, for creating conditions where “smart investors recognize this rally’s authenticity.”
Macroeconomic indicators support the currency’s strength: inflation has declined to 21.2% from last year’s 24% peak, while the recent IMF staff-level agreement boosted international confidence. The central bank maintains its strategy of meeting forex demand while steadily reinforcing reserves, with projections indicating $11 billion by June.
