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The Bank of Ghana (BoG) is implementing strategies to strengthen its reserves and stabilize the cedi, which has depreciated significantly this year, now trading at around GH¢17 to one dollar.
In anticipation of a heightened demand for foreign currency during the festive season, BoG Governor Dr. Ernest Addison announced measures to curb currency volatility, assuring businesses and consumers of the Bank’s commitment to economic stability.
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Dr. Addison highlighted the importance of bolstering reserves to support the cedi amid economic challenges. He acknowledged public hope for a recovery of the exchange rate to GH¢10 per dollar and noted that the BoG’s proactive measures are part of a broader strategy to address structural issues affecting the financial sector. The Central Bank’s policy focus remains on building financial “buffers” and maintaining economic resilience as similar currency pressures are felt in other global markets.
