Cedi Still Strong Despite Drop In Remittance Inflows – BoG Governor

The Bank of Ghana (BoG) has assured the public that the cedi remains one of the best-performing currencies globally, despite facing seasonal trade pressures and a slowdown in remittance inflows.

Speaking at the opening of the Monetary Policy Committee meeting on September 15, 2025, BoG Governor Dr. Johnson Asiama acknowledged that remittance flows have been weaker than in previous periods but stressed that the impact on the local currency has been well-managed.

“Despite the seasonal pressures and a slowdown in remittance inflows in recent weeks, the cedi remains one of the strongest currencies globally. Year-to-date, it has appreciated by about 21% as of September 12,” Dr. Asiama said.

He credited the cedi’s resilience to sound monetary policy, stronger foreign-exchange reserves, and improved regulatory oversight.

“External buffers have strengthened. For the first eight months of the year, Ghana recorded a trade surplus of US$6.2 billion, driven by robust gold exports and higher cocoa receipts. Gross international reserves stood at US$10.7 billion in August, covering about 4½ months of imports,” he added.

The Governor further stated that the cedi is now performing at par with major global currencies such as the Russian ruble, Swedish krona, Norwegian krone, Swiss franc, euro, and British pound.

The appreciation of the cedi, he said, is helping to lower import costs, ease inflationary pressures, and reduce the financial strain on businesses reliant on foreign inputs.

However, Dr. Asiama cautioned that sustaining this positive momentum would require consistent export growth, stable remittance inflows, and careful management of risks tied to volatile commodity markets.

He reaffirmed the central bank’s commitment to maintaining currency stability, promising timely interventions whenever necessary.

Source: hypesmediagh.com