President John Dramani Mahama has announced that the Bank of Ghana (BoG) has stepped back from direct interventions in the foreign exchange market, allowing the cedi to stabilise naturally after last year’s steep decline.
Speaking at a media engagement at Jubilee House on Wednesday, September 10, the President explained that the central bank’s earlier interventions were designed to arrest rapid depreciation, which had severely undermined economic planning.
“I believe it was about stopping the rapid depreciation of the currency. When you have steep depreciation, like we experienced in 2024 — 25% in just the first half of the year — it makes planning difficult. And so yes, the Bank of Ghana was intervening in the forex market, but they have now withdrawn,” he said.
President Mahama assured the public that the cedi is currently adjusting under market conditions and expressed confidence that it will soon stabilise.
He further pledged that government policy would ensure that any depreciation remains contained.
“The cedi is making an adjustment and I believe it will settle at a certain rate. We will make sure that any depreciation in the value of the cedi stays within about 5% per annum,” he affirmed.
The statement comes against a backdrop of public concern about the currency’s volatility and speculation over the scale of central bank interventions.
The government maintains that stabilising the cedi is critical for restoring investor confidence and supporting long-term economic management.
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