The Bank of Ghana (BoG) Governor, Johnson Asiama, has warned dollar holders that the cedi’s recent appreciation is not an illusion. In a keynote address given at a Private Investor Roundtable at the AfDB Annual meetings, the governor noted that the cedi had appreciated by 21.5% against the US dollar based on the following:

• “Robust foreign exchange inflows from exports, particularly gold, which has surged to
  over US$3,200/oz due to global uncertainty.
• The Gold-for-Reserve programme, which has enhanced BoG’s ability to accumulate
  reserves while reducing pressure on open-market dollar purchases.
• A current account surplus of US$2.12 billion in Q1 2025, and strong net reserve
  accumulation — now at US$10.67 billion.
• Stable remittance flows, supported by structural reforms and improved transfer systems, even as external risks like a proposed U.S. remittance tax and slowing global growth loom.“

Dr Asiama assured investors that the cedi’s appreciation and subsequent stability is sustainable. He pointed to declining inflation, rising reserves, tightening fiscal policy, and steady real sector growth as factors that will support the currency going forward.

The governor also served a warning to speculators that the foreign exchange regime had permanently changed with tighter regulations to follow. He said:

“We are also enforcing foreign exchange market regulations more rigorously. The days of unmonitored FX transactions, speculative arbitrage, and opaque flows are behind us. We are building a market where FX pricing is fair, flows are transparent, and capital is respected. To those still holding dollars in anticipation of a return to old patterns of depreciation, I will say this plainly: The market has changed. The narrative has changed. And the policy environment has changed.”