Omanghana
The Bank of Ghana has clarified that it does not operate with a fixed exchange rate target for the Ghanaian cedi, dismissing recent claims that it aims to maintain the currency within a GH¢10 to GH¢12 range against the US dollar.
Governor Johnson Pandit Asiama described such assertions as speculation, emphasizing that the central bank follows a flexible exchange rate regime in which the value of the cedi is determined largely by market forces. He noted that while the Bank may intervene periodically, its role is limited to reducing excessive volatility rather than defending any specific rate band.
The speculation around a GH¢10 to GH¢12 range is believed to have originated from earlier remarks by John Dramani Mahama, who suggested that such a level could represent a balanced position for both importers and exporters. However, the central bank maintains that this was not an official policy directive.
Ghana’s currency performance in 2025 surprised many analysts, with the cedi closing the year at approximately GH¢10.45 to the dollar. This marked a significant appreciation of over 40 percent, representing the first annual gain in more than three decades.
As of late March 2026, the interbank exchange rate has stabilized around GH¢10.95 per dollar, following some early-year pressure driven by seasonal demand. The Bank of Ghana has indicated that it will continue to monitor market conditions closely while maintaining its commitment to a market-driven approach to currency management.
Source: Omanghana
