Don’t Be Quick To Change Your Dollars – Mahama On Cedi Stability
Don’t Be Quick To Change Your Dollars – Mahama On Cedi Stability
President John Dramani Mahama has sought to allay public concerns about the performance of the Ghanaian cedi, urging citizens to remain calm and avoid panic conversions of foreign currency. He assured that the Bank of Ghana is closely monitoring the situation.
Speaking in Accra during discussions on his proposed 24-Hour Economy policy, Mahama addressed growing anxiety over the cedi’s recent fluctuations.
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“I don’t foresee a scenario where the cedi reaches parity with the dollar—as some are suggesting. That would be extreme and could cripple our export sector,” he cautioned, dismissing speculation about a one-to-one exchange rate between the cedi and the U.S. dollar.
While acknowledging current volatility, Mahama expressed confidence in the central bank’s ability to manage the currency’s stability.
“I believe the governor of the Bank of Ghana is keeping a close watch. If the cedi falls below a certain threshold, I’m confident the Bank will step in to maintain a stable exchange rate within a realistic band,” he explained.
He urged the public—especially those contemplating dollar conversions—not to act in haste.
“Don’t panic. And if you haven’t already changed your dollars, I’m not sure how much further it’ll drop. The central bank is watching, so let’s wait and see how things unfold,” he added.
Don’t Panic; Cedi won’t hit GHC1 to $1 – President Mahama assures pic.twitter.com/bXTGmQaGed
— Mahama The President (@CitizenTechiman) May 28, 2025
Source: Nkonkonsa.com
