Governor of the Bank of Ghana, Dr. Ernest Addison, remains hopeful that the ongoing challenges concerning the cedi's performance against the US dollar will soon be rectified.

Over the past few weeks, the Ghana cedi has experienced consistent depreciation vis-à-vis the US dollar. Bloomberg estimates reveal a depreciation of 13.7% of the local currency against the greenback thus far this year.

Nevertheless, the Central Bank Governor assures that requisite measures are being implemented to tackle the issue and restore stability to the local currency.

“The exchange rate stability will be sustained because it is not possible to continue with the disinflation process with exchange rates that are not stable. So, implicit in that statement is to give assurance to you all about the stability of the cedi going forward.

“I’m aware that every commercial bank in the country has received some FX from the Central Bank, and apparently, there are one or two that didn’t need it, and we are keeping a very keen eye on developments,” Dr. Addison said.

In the meantime, Ghana's inflation rate experienced a slight reduction, dropping from 25.8% in March of this year to 25.0% in April.

This signifies a decrease of 0.8 percentage points in April compared to the previous month's figure recorded in March 2024.

The Central Bank's decision on whether to maintain or increase its monetary policy rate, which has stayed steady at 29% since its last meeting in March 2024, remains uncertain.