The Bank of Ghana has assured Ghanaians that it will intensify key reforms to consolidate recent gains made by the cedi against major currencies, particularly the dollar.
Data available shows that the cedi appreciated by nearly 19 per cent year-to-date.
A section of the public, including economists, have underscored the need for this to be maintained.
Governor of the Bank of Ghana, Dr Johnson Asiamah, in giving the assurance, revealed that the next phase of reforms will focus on sustaining foreign exchange inflows and tightening regulatory oversight in the forex market.
He made the remarks at the opening of the Bank’s 124th Monetary Policy Committee meeting on Wednesday, May 21, 2025, at the Bank Square.
“Importantly, the cedi has appreciated sharply by nearly 19 per cent between April and May, helping to ease imported inflation pressures and restore public confidence. The appreciation reflects a combination of factors, including prudent monetary policy, improved market sentiment and external sector gains, he said.
Meanwhile, he has also admitted that underlying economic challenges persist despite the improving outlook.
“However, significant challenges persist. The inflation outlook, while improving, remains vulnerable to second-round effects, food supply constraints, especially from northern Ghana and the Sahel, and external price shocks, particularly given volatile global commodity markets.” Ghanaian food recipes
“Geopolitical tensions and evolving global trade dynamics, including the recent US-led tariff disputes, have heightened market uncertainty and could affect commodity prices, exchange rates, and financial flows in emerging markets like ours,” he added.
By: Rainbowradioonline.com/Ghana
