BoG Governor confident in cedi's stability, cites strong reserves

Dr. Ernest Addison, the Governor of the Bank of Ghana, expressed optimism that the Ghanaian cedi will maintain its stability against the US dollar in the foreseeable future.

Addressing a query from Joy Business regarding the resolution of recent challenges faced by the cedi, Dr. Addison pointed to measures implemented by the central bank in the past months,

Read full articleparticularly in 2023, as factors poised to yield positive responses.

He attributed this confidence to robust reserves accumulated by the central bank over time.

"This is based on some strong reserves that the Bank of Ghana has built over the past months to support the cedi, some fresh monetary measures being implemented, and strict enforcement of the foreign exchange regulations."

"We are now reporting reserves of more than $6.0 billion, and therefore the underlying factors that caused those pressures in the past have improved greatly.

"We believe that all these developments should give the market some assurance that the cedi’s outlook will remain favorable," he said.