The Governor of the Bank of Ghana, Dr. Johnson P. Asiama, has announced that the Ghanaian Cedi has appreciated by over 42% year-to-date as of June 2025, effectively reversing most of the losses it suffered during the economic turbulence of 2022 and 2023.
Delivering the keynote address at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra, Dr. Asiama attributed the significant currency rebound to a combination of decisive fiscal, monetary, and institutional reforms.
“The Ghanaian Cedi has appreciated by over 42% year-to-date as of June 2025, reversing nearly all the losses incurred in 2022 and 2023,” he told the gathering of business leaders and policymakers.
The address, delivered under the theme “Sustaining Forex Gains: Business and Economic Impact,” highlighted a macroeconomic turnaround anchored by strong external buffers, a disciplined policy mix, and renewed investor confidence.
“Gross international reserves now stand at US$11.1 billion, providing 4.8 months of import cover, up from US$8.98 billion at the end of last year,” Dr. Asiama stated.
He further reported that Ghana recorded a trade surplus of US$4.14 billion in the first four months of 2025, supported by a more than 60% increase in exports, mainly from gold, cocoa, and oil. The current account surplus also rose sharply to US$2.12 billion in the first quarter of 2025, compared to just US$66 million in the same period last year.
Dr. Asiama credited the turnaround to coordinated and sustained policy action. “At the Bank of Ghana, we maintained a firm disinflation stance, raising and holding the monetary policy rate at 28%, conducting active Open Market Operations (OMO) to absorb excess liquidity, and enforcing discipline in the foreign exchange market through structured FX auctions and forward guidance,” he said.
These actions, he emphasized, were reinforced by the Ministry of Finance’s commitment to fiscal consolidation as captured in the 2025 Budget and aligned with structural benchmarks under Ghana’s IMF-supported programme.
“What we are witnessing is the power of synchronized policy execution, where the central bank’s inflation-targeting mandate and the government’s expenditure rationalization converge to restore credibility, stabilize expectations, and anchor the Cedi,” Dr. Asiama noted.
However, he cautioned against any premature celebration. “While the Cedi’s resurgence is commendable, it must not lull us into complacency. Sustaining forex gains is a far more complex task than achieving them,” he warned.
The Governor also addressed underlying structural vulnerabilities, including Ghana’s heavy reliance on a few commodity exports and seasonal spikes in forex demand due to energy and capital goods imports. He stressed that the current gains must translate beyond headline numbers to real sector transformation, job creation, and long-term resilience.
He further urged all stakeholders to support the agenda for forex sustainability. “The Cedi is rising. Let us ensure that Ghana rises with it,” he said.
