Governor of the Bank of Ghana, Dr. Johnson Asiama, has reiterated the central bank’s dedication to pursuing sound monetary policies aimed at maintaining exchange rate stability and building on recent economic gains.

His assurance follows the continued strong performance of the Ghana cedi, which has appreciated by 37 percent against the US dollar as of October 17, 2025, driven by improved market confidence and strict monetary controls.

Speaking at the launch of the Cedi@60 celebrations in Accra, Dr. Asiama stated;

“The Cedi has appreciated by 37 percent as at October 17 and according to the World Bank it is the world’s best currency in Sub-Saharan Africa. This gain is not by accident. They are the result of hard and sometimes unpopular policies. Fiscal consolidation by government, tight monetary policy stance by the Bank of Ghana and renewed confidence in the investor community and the public. As we celebrate 60 years of the Cedi, as your central bank our mandate remains unchanged.”

Already, the World Bank has ranked the cedi as the best-performing currency in Sub-Saharan Africa, highlighting the impact of sustained fiscal discipline and foreign exchange reforms.

The Bank of Ghana however, remains focused on sustaining confidence in the local currency and strengthening the foundation for long-term economic stability.

On the other hand, Ghana’s total foreign exchange interventions since the height of its economic crisis in 2022 have exceeded $7.4 billion, according to International Monetary Fund (IMF) data analysed by JoyNews Research.

The data reveal that the Bank of Ghana (BoG) injected about $1.9 billion into the forex market in 2022, the year of the crisis. Interventions fell to $1.1 billion in 2023 but surged again to $3 billion in 2024.

In just the first quarter of 2025, the Central Bank added another $1.4 billion, signalling continued efforts to stabilise the local currency.

Earlier this month, the BoG announced plans to inject $1.15 billion through its Domestic Gold Purchase Programme (DGPP). The move, aimed at easing pressure on the cedi, will bring this year’s total forex support to over $2 billion. The Bank said the funds would be disbursed through twice-weekly, price-competitive spot auctions accessible to all licensed banks.

Following the announcement, the cedi appreciated by 2.5%, reflecting renewed investor confidence in the Central Bank’s strategy. Analysts expect the local currency to maintain its strength against the US dollar through the final quarter of 2025, as offshore FX inflows and a liquid interbank market offset high dollar demand from the energy, services, and manufacturing sectors.

Dollar interventions have surged sharply in the past two fiscal years, accounting for more than 60% of total injections over the last four years. These interventions have supported one of the strongest performances of the Ghana cedi in recent memory.

According to the World Bank’s 2025 Africa Pulse Report, the cedi was the best-performing African currency against the US dollar during the first eight months of 2025, appreciating by more than 20% year-to-date.

This strong showing is attributed to the BoG’s aggressive forex interventions, coupled with rising export earnings from gold and cocoa and steady remittance inflows.

JoyNews Research data indicate that with the latest round of support, total interventions since 2022 could reach about $8.6 billion. The BoG attributes this year’s efforts to robust inflows from gold and cocoa exports and sustained remittance receipts.

Gold has remained a critical lifeline for Ghana’s external sector, with prices hitting an all-time high of $4,000 per ounce this week. This surge has strengthened the Central Bank’s ability to generate foreign exchange without heavily depleting its reserves.

Ghana is expected to retain its position as Africa’s top gold exporter, with projected export revenues surpassing $15 billion by the end of 2025, representing about 65% of total export inflows.

This windfall has provided the BoG with the “forex muscle” needed to sustain interventions while keeping a strong reserve position. The IMF’s latest Staff-Level Approval report confirms that “in collaboration with the Fund, the BoG has developed a structured foreign exchange operations framework to intermediate FX flows and smooth excessive market volatility, while accumulating international reserves.”

Ghana’s international reserves have now exceeded $10.7 billion, providing roughly 4.5 months of import cover. The IMF further noted that “international reserves accumulation continues to exceed the ECF-supported program targets, while the cedi appreciated markedly in the first half of the year.”

Historical data show that most of the Central Bank’s forex interventions typically occur in the latter part of the year. In 2024, for example, about 67% of the $3 billion injected was recorded in the final four months, coinciding with the election period.

While these consistent interventions have stabilised the cedi in the short term, they raise concerns about long-term sustainability. Analysts caution that Ghana’s reliance on gold-backed interventions exposes the economy to fluctuations in global commodity prices, underscoring the need for a more diversified foreign exchange framework.

As it stands now, the Bank of Ghana’s decisive moves have given the cedi rare strength, but maintaining that momentum will depend on how effectively the country channels its export windfall, particularly from gold into lasting economic stability.