Home Business Central Bank of Ghana Maintains Cedi Exchange Rate Stability at 29 Percent

Central Bank of Ghana Maintains Cedi Exchange Rate Stability at 29 Percent

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U.S Dollars and Ghana Cedi
U.S Dollars and Ghana Cedi

In an official announcement this week, the Central Bank of Ghana affirmed that the exchange rate for the cedi remains steady at 29%.

The bank disclosed that it has opted to keep interest rates unchanged to bolster the national currency while cautioning against activities that could jeopardize its stability.

During the 118th Monetary Policy Committee (MPC) press conference convened in Accra on May 17, Governor Dr. Ernest Addison reiterated the Bank’s unwavering commitment to ensuring the stability of the cedi. Acknowledging the presence of illicit operators in the foreign exchange market, Dr. Addison assured the public that collaborative efforts with the Financial Intelligence Center are underway to purify the market. Furthermore, the Bank intends to enhance supervision of foreign exchange bureaux to ensure adherence to regulatory standards.

Governor Addison underscored the Bank’s ample reserves, emphasizing their readiness to support the foreign exchange market. He cautioned against speculative behaviors, warning of potential economic repercussions when corrective measures are implemented. A dedicated task force has been established to monitor compliance among foreign exchange bureaux.

In light of the forthcoming election year, Governor Addison urged restraint in making statements that could undermine confidence in the country. He attributed recent exchange rate fluctuations to a weakening current account surplus, primarily driven by heightened import demands and reduced revenue from cocoa exports.

Recent reports indicate that the cedi has faced pressures, trading above GH¢14.0 to a dollar. The Central Bank’s proactive measures and oversight aim to uphold the stability of the cedi amidst evolving economic dynamics.

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