BoG assures of Cedi’s resilience amid rising FX demand

The Bank of Ghana is strengthening foreign reserves to stabilize the cedi, which has depreciated by 24.3% against the dollar, now trading at nearly GH¢17.

Governor Dr. Ernest Addison emphasized reserve building to buffer currency fluctuations and ensure economic stability.

Finance Minister Dr. Mohammed Amin Adam highlighted similar efforts, including anticipated inflows from the IMF and World Bank, as the festive season raises foreign exchange demand.

By August, Gross International Reserves had risen to US$7.5 billion, primarily due to the domestic gold purchase program. The IMF and World Bank will contribute an additional US$660 million in December.