The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has assured the public that the cedi is on track to appreciate soon, supported by robust foreign exchange reserves and a strategic approach to managing the country’s currency stability.
Currently, the cedi is trading at around GHS 17 to a dollar, reflecting a year-to-date depreciation of 24.3%.
As demand for foreign exchange is expected to increase with the festive season, Dr. Addison expressed confidence that the Bank’s bolstered reserves would stabilize the currency, helping to maintain broader economic stability. “We need to stay focused and implement the appropriate policies and build buffers to be able to support the progress we have made,” he stated.
Speaking at the launch of *The Concise Law of Banking*, a new book by legal practitioner Afua Appiah-Adu, Dr. Addison noted that BoG holds around $7 billion in foreign reserves.
While he acknowledged that it is technically possible to drive the cedi-dollar rate to as low as GHS 10 per dollar, he emphasized the importance of long-term stability over short-term fixes.
“If I want to drive the dollar-cedi rate at GHS 10, I can do that tomorrow. But what about the day after tomorrow? We are balancing various factors, trying to build reserves and managing the exchange rate. All is not lost yet; there is some silver lining in the cloud, hopefully we will see the appreciation of the currency,” he added.
