The Ghanaian Cedi continued its decline against major trading currencies, with the Bank of Ghana (BoG) quoting a buying rate of 15.5422 per US dollar and a selling rate of 15.5578 as of Monday, March 10.
The Pound Sterling traded at 20.0697 for buying and 20.0913 for selling, while the Euro stood at 16.8639 and 16.8792, respectively.
Amid rising concerns, President John Dramani Mahama has tasked Finance Minister Dr. Cassiel Ato Forson with stabilizing the currency and curbing inflation, emphasizing that Ghanaians expect measures that will bring relief and economic stability.
Meanwhile, newly appointed BoG Governor Dr. Johnson Asiama has vowed to tackle exchange rate volatility and speculation.
Speaking at his swearing-in ceremony on February 25, he stressed the need for a well-functioning foreign exchange market, stating, “The days of currency speculation and exchange rate instability must come to an end, and we are poised to ensure this happens.”
His administration, he assured, will take bold steps to strengthen the Cedi and maintain confidence in the forex market.
As part of these efforts, Dr. Asiama announced key interventions, including a new foreign exchange law, market reforms to eliminate forex leakages, and deeper integration into the Pan-African Payment and Settlement System (PAPSS) to encourage local currency transactions across Africa.
He also highlighted plans to reform the Bank of Ghana’s Domestic Gold Purchase Programme to leverage gold reserves in stabilizing the Cedi.
Through these measures, the central bank aims to build a resilient forex market that supports economic growth and investor confidence.
