The Central Bank has indicated that it is focused on stabilizing the Ghanaian economy rather than aiming for a specific exchange rate for the cedi's appreciation.

Speaking at a press conference after the Monetary Policy Committee (MPC) meeting, the Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, noted that “We don’t have such a plan on the table that says when the cedi reaches a certain point, we must move to ease the appreciation.”

According to BoG, it is committed to halting excessive depreciation of the cedi due to its potential effects on inflation.The BoG Governor revealed plans to allow market forces to guide the currency's value and will only intervene when there is extreme volatility in the cedi.

"As much as we don’t want to see the Ghana cedi depreciate excessively, we don’t keep a target rate that we want to defend aggressively,” the BoG added.

The BoG has assured it will keep to the monetary and fiscal reforms that are responsible for the stability of the cedi to end its volatility.

According to the Governor of the BoG, the central bank plans to implement a series of reforms aimed at monitoring the forex market.

This, he explained, will aid in preventing illegal activities that could weaken the cedi as well as destabilize the market.

The BoG Governor made these statements at the opening of the bank’s 124th Monetary Policy Committee meeting at the Bank Square on Wednesday, May 21.

Dr. Johnson Asiamah noted that the cedi has gained significant value, almost 19%, between April and May.

The BoG governor attributed the sharp appreciation to the "combination of factors, including prudent monetary policy, improved market sentiment, and external sector gains".

According to Forbes, the dollar has depreciated by 8% in 2025, whereas gold prices have hiked by 23%.

This has been reported as investors seek safe-haven assets.

As of May 21, the average interbank rates used by commercial banks for transactions at the close of business showed the US dollar buying at GH₵11.84 and selling at GH₵11.85.

The British pound is buying at GH₵15.83 and selling at GH₵15.84. The euro is currently being bought at GH₵13.33 and sold at GH₵13.34.

The last time a dollar was worth a little over GHC11 was two years ago under the Akufo-Addo-led government.

Meanwhile, the former Vice President Dr. Mahamudu Bawumia, has asserted that the National Democratic Congress (NDC) administration's policies are not influencing the cedi positively.

“If you are to ask the NDC to point out exactly what policy they have implemented that has resulted in the appreciation of the cedi, they cannot tell you one that has been implemented, not sort of talked about, but actually implemented. They cannot tell you one such policy," the former Vice President said.

However, acting Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has insisted that the cedi appreciating against the dollar is due to the National Democratic Congress' (NDC) deliberate policies.

In a Facebook post on Wednesday, May 20, Sammy Gyamfi outlined a stringent monetary policy stance, fiscal consolidation by the Ministry of Finance, and robust forex inflows and accelerated foreign reserve accumulation as factors influencing the cedi's stability.