President John Dramani Mahama has confirmed that the Bank of Ghana (BoG) has stopped its interventions in the foreign exchange market, allowing the cedi to adjust naturally after a period of sharp depreciation.
Speaking at his Presidential Media Encounter on Wednesday, September 10, at Jubilee House, the President explained that the central bank’s earlier interventions were necessary to curb rapid currency losses that had destabilised economic planning.
“I believe that it is about stopping rapid depreciation of the currency. When you have steep depreciation like we had in 2024—25% depreciation 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 And so yes, Bank of Ghana has been intervening in the forex market but they’ve withdrawn,” he said.
According to him, the cedi is now undergoing a natural market adjustment, and the government remains committed to ensuring any depreciation stays within sustainable limits.
“The cedi is making an adjustment and I believe that it will settle at a certain rate. 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 assured.
The President’s remarks come amid heightened public scrutiny of the currency’s performance and speculation about BoG interventions. Officials say the government’s strategy is aimed at restoring confidence in the financial system and supporting long-term economic planning.
