President John Dramani Mahama has confirmed that the Bank of Ghana (BoG) has halted its activity in the foreign exchange market, declaring the cedi was now finding its own level after a spell of swift decline.
Speaking at a media engagement on Wednesday, September 10, at Jubilee House, the President explained that the central bank’s previous moves were designed to check severe currency devaluation that crippled economic planning.
“The goal was to halt the currency’s rapid fall. A steep drop, like the 25% we saw in the first half of 2024, makes planning impossible. So yes, the Bank of Ghana was intervening, but they have now pulled back,” he stated.
President Mahama added that the cedi was now going through an organic market correction. He promised the government would keep safeguards in place to ensure any future weakening stays within a tolerable band.
“The Cedi is adjusting and I am confident it will find its footing. We will ensure any further depreciation is contained to an annual margin of roughly 5%,” he said.
These comments arrive as public examination of the cedi’s performance and rumored BoG actions intensifies.
The government’s pledge to steady the currency is intended to rebuild trust in the financial system and bolster long-term economic strategy.
President Mahama also dismissed any quick return to the international capital market, in spite of recent indicators of economic steadiness.
For him, the government’s priority stays on fiscal restraint and spending efficiency, not a rush toward foreign loans.
“We have managed without the capital market. We have managed without new borrowing. Who would have imagined that Ghana could operate its economy without external debt financing? Yet, we have endured,” President Mahama stated during the encounter.
He clarified that recent reforms have enabled the government to reorganize its outlays, funneling money into critical areas while slashing what he termed pointless public spending. He reported these steps have yielded concrete benefits, especially in stabilizing the economy and maintaining growth.
He emphasised that his administration will keep strengthening the recovery before contemplating any re-entry to international borrowing. “We have survived without loans. We should not be eager to dash back to the capital market. It boils down to fiscal discipline. As President, I do not support a hasty return. We must solidify our economy first before pursuing external finance,” he added.
Story By: Dennis Ato Keelson
