The Bank of Ghana (BoG) has announced proactive steps to bolster its reserves, aiming to stabilize the cedi as demand for foreign currency increases ahead of the festive season.
Currently trading at nearly GH¢17 to the dollar, the cedi has seen a 24.3% depreciation this year, intensifying pressures on the local economy.
BoG Governor Dr. Ernest Addison emphasized the need to build reserves, which he views as essential for steadying the cedi and supporting economic stability.
Acknowledging that exchange rate challenges are not unique to Ghana, Dr. Addison expressed optimism, noting, “We need to stay focused, implement appropriate policies, and build buffers to support our progress.”
The central bank’s efforts come as businesses and consumers seek reassurance amid fluctuating exchange rates, with BoG positioning itself to safeguard the currency and boost financial confidence.
