If I want to drive the dollar-cedi rate at GHS10, I can do that tomorrow – BoG Governor Ernest Addison

Governor of the Bank of Ghana (BoG), Dr. Ernest Addison has made bold remarks on the current state of the Ghanaian cedi, emphasising the central bank’s capacity to manage the dollar-cedi exchange rate.

He claims the Bank can drive the exchange rate back to GHS10 to the dollar within a short time.

Dr. Addison said this during the launch of 'The Concise Law of Banking,' a book authored Rev. (Mrs.) Nana Kegya Appiah-Adu and commissioned by the Institute for Law & Development (ILAD), where he addressed key economic issues facing the nation.

“Some are praying that the cedi will recover to GHS 10.00 to a dollar. These are the problems in our economy,” Dr. Addison remarked, acknowledging public sentiment on the cedi’s depreciation while highlighting the complex issues driving the forex market.

While Dr. Addison recognised the urgency of exchange rate stabilisation, he cautioned that a swift drop to GHS10 might be short-lived if not backed by sustainable measures.

“We have $7 billion in foreign exchange reserves. If I want to drive the dollar-cedi rate at GHS10, I can do that tomorrow. But what about the day after tomorrow? We need to stay focused and implement the appropriate policies and build buffers to be able to support the progress we have made," the BoG Governor said.

Ahead of the Christmas festivities where the cedi has seen further depreciation this week, Governor Dr. Addison wants Ghanaians to be optimistic about the cedi's ability to stabilise as measures put in place continue to yield results.

“All is not lost yet; there is some silver lining in the cloud, hopefully, we will see the appreciation of the currency," Dr. Ernest Addison stressed.