Dr. John Kwakye, a member of the Bank of Ghana’s Monetary Policy Committee, has dismissed claims that the Cedi’s recent appreciation is a fluke.
He attributed the currency’s strong performance to strategic and sustained measures, including fiscal discipline, tight monetary policy, the Gold Purchase Programme, and improved investor confidence.
“The recent appreciation of the Cedi is not ‘accidental’ or ‘a passing wind’ as some suggest. It reflects deliberate and enduring policy actions,” Dr. Kwakye wrote on X.
He urged speculators to take caution, emphasizing that the Cedi’s momentum is supported by long-term fundamentals, not mere chance.
Meanwhile, BoG Governor Dr. Johnson Asiama explained that despite the stronger currency, market prices remain unchanged due to prior stocking of goods at higher exchange rates. He noted that price adjustments will take time to reflect in the market.
