The Bank of Ghana (BoG) Governor Dr. Johnson Pandit Asiama has in an interview reflected on his first year in office (February 2025 – March 2026), expressing surprise at the Cedi’s significant recovery.
Dr. Asiama admitted he did not expect the Cedi to appreciate to its current extent, stating, “I knew the cedi could appreciate. I did not know it could appreciate to that extent. I was surprised”.
He said as of mid-March 2026, the Cedi’s interbank rate stood at approximately GH¢10.87 to the dollar, a dramatic rebound from GH¢15.53 in early 2025.
The Governor attributed this rebound to a shift from ad-hoc interventions to disciplined monetary policy, strict forex market enforcement, and record-high reserves, rather than simply “selling dollars”.
According to him, foreign exchange reserves reached record highs by April 2025, supported by the Gold-for-Reserves initiative and high global gold prices with inflation dropping from 23.8% at the end of 2024 to 3.3% in February 2026, allowing for a significant reduction in the Monetary Policy Rate to 14.0% in March 2026.
Dr. Asiama framed 2026 as a year for “consolidation and discipline” rather than rapid expansion, aimed at maintaining exchange rate stability.
