First Deputy Governor of the BoG, Dr. Zakari Mumuni (L) with George Wiafe (R)
The Financial institution of Ghana (BoG) has reaffirmed its dedication to sustaining the soundness of the cedi, describing it as a crucial step in direction of implementing overseas change (foreign exchange) laws and restoring market confidence.
Talking on PM EXPRESS Enterprise Version, which airs at 9:00 p.m. as we speak, Could 15, 2025, on the JoyNews channel, First Deputy Governor of the BoG, Dr Zakari Mumuni, burdened the significance of a secure native forex in lowering greenback demand and supporting compliance with foreign exchange guidelines.
“While you firmly stabilise the cedi and restore confidence, demand for the greenback will clearly go down. Some companies can even transfer away from quoting in foreign exchange,” Dr Mumuni said.
He defined that whereas regulatory enforcement stays a precedence, stabilising the forex will improve its effectiveness. “The Financial institution of Ghana is dedicated to implementing all our laws, however we additionally consider that issues might be simpler when the native forex is firmly stabilised,” he mentioned.
Sustaining the Cedi’s Stability
Dr Mumuni assured the general public that the BoG has put in place strong measures to take care of the present stability of the cedi, amid ongoing considerations from some market analysts concerning the sustainability of latest good points.
“This time will probably be totally different. We have now constructed the required reserves to help the native forex. Quite a lot of actions have been taken which have aided market confidence,” he affirmed.
He known as on the general public and the enterprise neighborhood to have faith within the central financial institution’s technique and resist panic.
“We wish to guarantee the general public and the enterprise neighborhood that there isn’t a have to panic,” he concluded.
The BoG’s renewed assurance comes as a part of broader efforts to strengthen Ghana’s financial system and improve investor and client confidence within the monetary market.
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DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially signify the views or coverage of Multimedia Group Restricted.
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