The Governor of the Bank of Ghana, Dr. Johnson Asiamah, has issued a reminder that the recent stability and strength of the Ghanaian cedi, while encouraging, should not be mistaken for a permanent achievement.
He emphasised that sustained economic discipline and productivity are the only true guarantors of long-term currency stability.
The Governor’s remarks came on Wednesday when the Asantehene, Otumfuo Osei Tutu II, paid a courtesy call to the Central Bank’s headquarters in Accra.
Responding to a question the King had previously posed in Manhyia regarding the cedi’s performance, Dr. Asiamah delivered an update laced with both optimism and caution.
“We are happy to report that the cedi ended the year in a much stronger position than many would have anticipated a year ago,” Dr. Asiamah stated.
He cited data from Forbes magazine, which noted that the cedi’s year-end level of approximately GH¢10.67 to the US dollar positioned it among the better-performing currencies on the African continent in 2024.
The Governor attributed this positive outcome to a combination of factors.
“This reflects not only improved sentiment, but also better fundamentals, stronger reserves, reduced inflation and restored policy credibility.”
However, he swiftly pivoted to a note of prudence, delivering a central message for policymakers, markets, and the public.
“We remain careful in all these, not to confuse improvement, with permanency.”
Dr. Asiamah elaborated, stressing that exchange rate stability is not a declaration but a continuous accomplishment.
“A currency remains strong only when the real economy beneath it is productive, only when the economy beneath it is competitive and only when the economy beneath it is disciplined,” he asserted.
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