The Bank of Ghana (BoG) has reiterated its commitment to sustaining the recent stability of the cedi, describing it as a critical foundation for enforcing foreign exchange (forex) regulations and boosting market confidence.
First Deputy Governor of the BoG, Dr. Zakari Mumuni, stressed that a stable local currency is essential for reducing speculative demand for the dollar and ensuring compliance with forex rules.
“When you firmly stabilise the cedi and restore confidence, demand for the dollar will obviously go down. Some businesses will also move away from quoting in foreign currencies,” Dr. Mumuni explained.
He acknowledged that while regulatory enforcement remains a priority, its effectiveness improves significantly when currency volatility is contained.
“The Bank of Ghana is committed to enforcing all our regulations, but we also believe that things will be easier when the local currency is firmly stabilised,” he added.
Dr. Mumuni assured Ghanaians that the central bank has implemented strong measures to maintain the cedi’s current momentum.
Responding to concerns about the durability of the currency’s recent gains, he stated: “This time it will be different. We have built the required reserves to support the local currency. A lot of actions have been taken that have aided market confidence.”
He urged both the public and the business community to remain calm and trust the Bank’s strategy, warning against panic behavior that could undermine recent progress. “We want to assure the public and the business community that there is no need to panic,” he said.
The BoG’s renewed assurance forms part of broader efforts to strengthen Ghana’s monetary system and reinforce investor and consumer confidence.
