Cedi is rising, let’s ensure Ghana rises with it – Dr. Asiama

The Governor of the Bank of Ghana, Dr. Johnson P. Asiama, has called for collective action to ensure that the country’s recent foreign exchange gains translate into tangible economic benefits for citizens.

Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting, Dr. Asiama emphasized that sustaining forex stability requires a collaborative effort from businesses, financial institutions, and the central bank.

“The Cedi is rising. Let us ensure that Ghana rises with it,” Dr. Asiama said, highlighting the need for a proactive partnership between the Bank of Ghana and the business community.

He encouraged export-oriented businesses to reinvest their proceeds locally, adopt hedged forex positions, and internalize forex risk as part of strategic planning.

Dr. Asiama urged businesses to reinvest their export earnings in Ghana, citing the benefits of a stronger Cedi and a more sustainable macroeconomic trajectory. Businesses should understand their currency exposure, develop hedging mechanisms, and factor FX conditions into investment decisions. The Bank of Ghana invites businesses to share market intelligence, collaborate on fintech innovations, and pilot initiatives like the eCedi.

Dr. Asiama emphasized that macroeconomic stability is a public good that demands participation from all stakeholders, including regulators, banks, exporters, importers, investors, the media, and the public. “We each have a role: to uphold confidence, respect currency laws, educate and inform responsibly, and ensure that Ghana’s recovery is not just technical, but transformational,” he said.

According to Dr. Asiama, Ghana’s forex gains are backed by solid macroeconomic indicators, including a trade surplus and improved current account balance. He cautioned against relying on speculative forecasts and urged stakeholders to trust the data and understand the fundamentals.

By working together, Ghana can build a sustainable FX ecosystem that benefits all citizens and drives economic growth. As Dr. Asiama noted, “Sustaining forex gains must not be about preserving numbers. It must be about building resilience, expanding value, and ensuring these gains touch the lives of everyday Ghanaians.”