Accra: President John Dramani Mahama has revealed that the Bank of Ghana (BoG) has stopped its interventions in the foreign exchange market. This change aims to address imbalances caused by the recent appreciation of the local currency.
According to Ghana News Agency, President Mahama explained that the rapid appreciation of the Cedi led to a significant increase in imports due to the availability of cheaper dollars, allowing for more affordable importation. Conversely, exporters faced challenges as they received fewer Cedis for their exports. During a Presidential media encounter, he highlighted the government's observation of a 50 percent drop in remittances during this period.
President Mahama noted that the Cedi is undergoing adjustments and is expected to stabilize at a certain rate. The government is focused on ensuring any depreciation of the Cedi remains within a margin of about 5 percent per annum. He called on Ghanaians to demonstrate patriotism and support efforts to protect the local currency for the benefit of all citizens.
Data from the interbank rates showed that at the beginning of the year, the Cedi was selling at 15.1244 to a dollar as of January 13, 2025. By September 9, 2025, the exchange rate had improved, with the Cedi selling at 12.1061 to a dollar.
