Dr. Johnson Asiama
The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama has called on businesses to reinvest their capital locally as a long term strategy to sustain forex stability.
According to him, firms that invoice in Cedis or adopt hedged forex positions are not only reducing their exposure to volatility; they are strengthening the ecosystem within which they operate.
Speaking at the Graphic-Stanbic bank breakfast meeting in Accra on the theme, “Sustaining Forex Gains: Business and Economic Impact” he said the Bank of Ghana has played its part and will continue to do so through sound policy, credible regulation, and institutional discipline.
The Governor, however, stated that sustaining forex stability cannot be achieved alone by the Central Bank but should be embedded in how businesses operate, plan and engage the financial system.
He said, “We encourage export-oriented businesses to reinvest their proceeds locally, not just as a patriotic gesture, but as a long-term strategy for profitability and resilience”.
“Our vision must be a Ghana where exporters thrive in a competitive, rules-based environment. The Cedi is trusted, digital, and dominant in everyday transactions. Monetary stability is matched by real-sector dynamism, where business expansion, job creation, and value addition become the true dividends of forex discipline,” he said.
Dr. Asiama added that such businesses deserve recognition and support, through access to tailored credit products, forex liquidity facilities, and procurement incentives where possible.
This is the sustainable forex ecosystem we must build. Not one managed from a control tower, but one co-owned by regulators, businesses, and citizens.
Apart from invoicing and reinvestment, Dr. Asiama also urged Ghanaian businesses to internalise forex risk as part of strategic planning as well as understand their currency exposure across the value chain, hedging or pricing mechanism for exchange rate fluctuations while considering forex conditions into investment and inventory decisions.
“These are not questions for your finance department alone, they are boardroom-level concerns. Financial literacy on forex management must deepen, not just among bankers, but across every sector that imports, exports, or manages capital,” he stated.
By Ebenezer K. Amponsah