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The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, says the Bank does not have any specific target rate for the appreciation of the cedi.
Speaking at a press conference after the Monetary Policy Committee (MPC) meeting to review recent economic developments, he stated, “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.”
He explained that while the Bank of Ghana is concerned about excessive currency depreciation, it does not maintain a specific appreciation target.
“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,” he said.
Addressing ongoing speculation on the markets, Dr. Asiama noted, “People are out there with all sorts of speculations, but remember you haven’t heard the Bank of Ghana playing in that space. We will ensure that volatilities do not become excessive.”
He stressed that the Bank is monitoring broader exchange rate dynamics, especially the real effective exchange rate.
By: MUSAH LANSAH
