The Second Deputy Governor of the Bank of Ghana (BoG), Dr Zakari Mumuni, has said the strong performance of the Ghana cedi in 2025 should be seen as a collective national achievement rather than a win for the central bank alone.
According to him, safeguarding the stability of the local currency requires the joint effort of all segments of society, including policymakers, businesses, households and the media.
“Protecting the cedi is not the task of one institution, but a collective responsibility of policymakers, businesses, households, and yes, the media,” Dr Mumuni said.
He made the remarks during a presentation on reporting the Bank of Ghana’s operations and their impact on financial markets, delivered at the Governor’s New Year Media Engagement.
Dr Mumuni noted that the cedi closed 2025 in a much stronger position, reflecting improved economic fundamentals, disciplined policy decisions and growing confidence in the country’s macroeconomic framework.
“And just as instability hurts everyone, stability benefits everyone,” he said.
He commended the media for its role during the Cedi@60 campaign, saying responsible coverage during the period demonstrated how effective journalism can support national economic objectives.
“By reinforcing responsible currency handling and national ownership of the cedi, your reporting helped turn policy into public action,” he said.
At the same time, Dr Mumuni cautioned against sensational reporting, warning that exaggerated headlines and incomplete context can heighten public anxiety and distort understanding of economic developments.
He stressed that responsible journalism plays a critical role in stabilising expectations and strengthening public confidence in the economy.
“This is not about silencing criticism,” he explained. “It is about recognising that in macroeconomics, perception often precedes reality.”
Importantly, the Ghana cedi ended 2025 with an appreciation of more than 40 percent against the US dollar, ranking it among the best-performing currencies in Africa for the year.
Market analysts have largely attributed the currency’s strong showing to a combination of improved fiscal discipline and decisive measures by the Bank of Ghana to stabilise the foreign exchange market.
Dr Mumuni also addressed public commentary on central bank losses, urging the media to provide proper context when reporting such figures.
He noted that losses incurred by central banks are not unusual, particularly during periods of economic stress when authorities are required to take bold and sometimes costly actions to restore stability.
“Central banks across the world can incur losses while taking decisive actions to stabilise their economies during periods of crisis,” he said.
According to him, such outcomes are the result of policy choices made in the broader public interest, rather than indicators of mismanagement or financial recklessness.
“These outcomes reflect policy choices made in the public interest, not financial recklessness,” he emphasised.
Dr Mumuni warned that failing to clearly explain this distinction could undermine public trust in economic institutions.
“When this distinction is not clearly explained, public trust can be eroded,” he cautioned.
He added that focusing narrowly on losses risks overlooking the broader outcomes of policy interventions.
“The thrust of policy must not be lost; inflation fell sharply, reserves were rebuilt, and the cedi strengthened,” he said.
Dr Mumuni urged continued collaboration between economic institutions and the media, stressing that clear, balanced and responsible reporting remains essential to sustaining confidence in Ghana’s economic recovery and stability.
