President John Dramani Mahama has assured Ghanaians that the cedi’s recent fluctuations are part of a natural adjustment and that any future depreciation will be carefully managed within a predictable margin.
Speaking during a media engagement on Wednesday, September 10, the President said the Bank of Ghana (BoG) had previously intervened in the foreign exchange market to curb the rapid depreciation witnessed in early 2024, when the cedi lost about 25% of its value in the first half of the year.
However, he noted that the central bank has since withdrawn from active intervention as the currency begins to stabilise.
“I believe that it is about stopping rapid depreciation of the currency. When you have steep depreciation of about like we had in 2024, 25% depreciation in the currency in the first half of the year, it makes planning difficult. And so yes, Bank of Ghana BoG has been intervening in the forex market but they’ve withdrawn,” he said.
President Mahama emphasised that the government will ensure any future depreciation remains moderate and predictable, specifically targeting a margin of about 5% per annum.
“The Cedi is making an adjustment and I believe that it will settle at a certain rate and we’ll make sure that any depreciation that occurs in the value of the Cedi is within a margin of about 5% per annum,” he added.
The President’s statement signals a shift from aggressive market intervention to a more measured approach that allows the cedi to adjust naturally, while still maintaining economic stability.
The government continues to monitor the foreign exchange market closely and has pledged to implement policies that prevent sudden shocks to the cedi, ensuring that currency fluctuations do not derail economic growth or disrupt the financial planning of Ghanaians.
Source:Lovinghananews.com
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