Omanghana
Governor Johnson Pandit Asiama of the Bank of Ghana has clarified that the central bank has not set any official exchange rate target for the Ghanaian cedi, dismissing recent claims suggesting a fixed range of GH¢10 to GH¢12 per U.S. dollar.
Speaking on March 25, 2026, the Governor described such reports as speculation, emphasizing that the Bank of Ghana does not operate with a policy of defending a specific exchange rate level. Instead, he explained that the central bank follows a flexible exchange rate regime, where the value of the cedi is largely determined by market forces.
He noted, however, that the central bank may intervene when necessary to reduce excessive volatility and maintain stability in the foreign exchange market. This approach, he said, ensures a balance between market dynamics and macroeconomic stability.
The speculation about a GH¢10 to GH¢12 range is believed to have originated from earlier remarks by President John Dramani Mahama, who described that range as an “ideal” level that could support both importers and exporters. Governor Asiama clarified that such comments should not be interpreted as an official policy stance by the central bank.
The cedi’s recent performance has drawn significant attention. By the end of 2025, the currency had strengthened to approximately GH¢10.45 per dollar, a development the Governor described as unexpected. The appreciation represented a sharp turnaround, with the cedi gaining about 40.67 percent against the U.S. dollar during the year—its first annual appreciation in more than three decades.
As of late March 2026, the interbank exchange rate has stabilized around GH¢10.95 per dollar, following minor pressure earlier in the year driven by seasonal demand for foreign currency. The central bank maintains that its focus remains on sustaining stability rather than targeting a fixed exchange rate level.
Source: Omanghana
