The Second Deputy Governor of the Bank of Ghana (BoG), Dr Zakari Mumuni, has said the cedi’s strong performance in 2025 should not be viewed as a victory for the central bank alone but as a shared national achievement.
Dr Mumuni explained that this is why protecting the cedi must be seen as a collective responsibility.
“Protecting the cedi is not the task of one institution, but a collective responsibility of policymakers, businesses, households, and yes, the media,” he said.
He made the remarks in a speech on reporting on the Bank of Ghana’s operations and their impact on markets, delivered as part of the Governor’s New Year Media Engagement.
Dr Mumuni noted that the cedi ended the year much stronger, reflecting improved economic fundamentals, disciplined policy choices and growing confidence in the policy framework.
“And just as instability hurts everyone, stability benefits everyone,” he added.
He praised the media for its role during the Cedi@60 campaign, saying coverage during the period demonstrated the power of responsible reporting.
“By reinforcing responsible currency handling and national ownership of the cedi, your reporting helped turn policy into public action,” he said.
However, the First Deputy Governor cautioned against sensational reporting, warning that it can amplify anxiety, while incomplete context can distort public understanding.
He maintained that responsible journalism can help stabilise expectations and strengthen confidence in the economy.
“This is not about silencing criticism,” he said. “It is about recognising that in macroeconomics, perception often precedes reality.”
Cedi’s performance
The Ghana cedi ended 2025 with an appreciation of more than 40 per cent against the US dollar, making it one of the best-performing currencies in Africa for the year.
Market analysts have attributed the strong performance largely to the Bank of Ghana’s decisive measures to stabilise the local currency.
Central bank’s losses and the media
Dr Mumuni also stressed the need for context when reporting central bank losses, noting that such outcomes are not unusual.
“Central banks across the world can incur losses while taking decisive actions to stabilise their economies during periods of crisis,” he said.
According to him, such losses reflect policy choices made in the public interest rather than financial recklessness.
“These outcomes reflect policy choices made in the public interest, not financial recklessness,” he emphasised.
He warned that failing to clearly explain this distinction could erode public trust.
“When this distinction is not clearly explained, public trust can be eroded,” he said.
Dr Mumuni added that the broader policy outcomes should not be overlooked.
“The thrust of policy must not be lost; inflation fell sharply, reserves were rebuilt, and the cedi strengthened,” he noted.
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