Bank of Ghana Governor Johnson Pandit Asiama said on Thursday Ghana was unlikely to return to a period of sustained depreciation of the cedi, citing improving economic fundamentals, stronger foreign exchange inflows and tighter policy coordination.
Speaking after the Bank of Ghana’s 130th Monetary Policy Committee meeting in Accra, Asiama said recent stability in the currency market reflected broader gains in the economy following reforms introduced over the past several months.
“We do not foresee a return to the era of sustained depreciation of the cedi,” he told reporters.
The governor said higher reserve buffers, fiscal discipline and stronger foreign exchange inflows had helped stabilise the local currency against major international currencies.
He added that increased gold export earnings, remittance inflows and renewed investor confidence were also supporting the cedi.
“The stability we are witnessing is backed by stronger macroeconomic conditions and prudent policy measures,” Asiama said.
The central bank maintained its benchmark policy rate at 14% at the end of the meeting, as inflation eased and economic indicators improved.
Asiama said the central bank would continue monitoring the foreign exchange market closely to curb excessive volatility and maintain confidence in the currency.
“We will continue to implement the appropriate measures necessary to maintain confidence and stability in the currency market,” he said.
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