President John Dramani Mahama
President John Dramani Mahama has disclosed that the Bank of Ghana (BoG) has halted its interventions in the foreign exchange market, allowing the cedi to find its own balance after months of sharp appreciation.
Addressing journalists at the Jubilee House on Wednesday, September 10, 2025, the President explained that the central bank’s earlier moves were meant to cushion the local currency against steep losses that had disrupted economic planning.
“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 And so yes, Bank of Ghana has been intervening in the forex market but they’ve withdrawn,” he stated.
President Mahama noted that the cedi is currently undergoing what he described as a natural market adjustment. He assured that the government remains committed to keeping any further depreciation within sustainable levels.
“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 said.
His comments come at a time of heightened public anxiety that the excessive intervention is artificially propping up the local currency, while draining crucial international reserves, distorting market pricing, and potentially creating a thriving black market for dollars.
Consequently, the International Monetary Fund (IMF) admonished the government to reduce its foreign exchange (forex) interventions.
It urged the BoG to allow greater exchange rate flexibility and develop a formal, transparent forex intervention policy.
By Ernest Kofi Adu